The technique of randomly generating values for unknown elements in a model using random sampling is known as ________.
A)optimization
B)Markov analysis
C)discrete-event simulation
D)simulation gaming
E)Monte Carlo simulation

Question

Quizplus · Accepted Answer

The technique described is specifically referred to as Monte Carlo simulation. This involves generating random values for unknown elements in a model to simulate a range of possible outcomes. Choices A, B, C, and D are not the best choices as they do not accurately describe the technique described in the question.

The Technique of Randomly Generating Values for Unknown Elements in a Model