Answer the following statement(s) true (T) or false (F)
1. Simulation allows the user to specify certain desired results (e.g., profit or service level values), and then the necessary model parameters and operating policies are determined.
2. Simulation models manually generate specific values for the random variables so that the values used reflect what we might observe in practice.
3. Independent trials are those in which the results for one trial have no effect on what happens in subsequent trials.
4. When making a decision in the presence of uncertainty, decision makers should only be interested in the average, or expected, outcome.
5. Simulation analysis requires a model foundation of logical formulas that correctly express the relationships between parameters and decisions to generate outputs of interest.
1. False
2. False
3. True
4. False
5. True
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