Which of the following is not considered one of the 5 steps of Monte Carlo Simulation?
A)establishing probability distributions for important input variables
B)generating random number
C)building a cumulative probability distribution for each input variable
D)establishing an objective function
E)simulating a series of trials

Question

Quizplus · Accepted Answer

The five steps of Monte Carlo Simulation are: 
1) establishing probability distributions for important input variables, 
2) generating random numbers, 
3) building a cumulative probability distribution for each input variable, 
4) simulating a series of trials, and 
5) analyzing the output and drawing conclusions. 
Establishing an objective function is not considered one of these steps.

Which of the Following Is Not Considered One of the 5