Question: You are reviewing a simulation model and tind that the analyst who prepared the model used the tormula = 1 5 + ( 4 b

You are reviewing a simulation model and tind that the analyst who prepared the model used the tormula =15+(4b-1b) RAND() to generate the simulated cost of a product. Which of the following assumptions did the analyst make about the cost of the product?
I. The minimum cost of the product is 15.
II. The maximum cost of the product is 60.
III. The cost of the product is uniformly distributed.
Multiple Choice
I only
I and II only
You are reviewing a simulation model and tind that the analyst

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