What is Monte Carlo simulation and how is one conducted?
What will be an ideal response?
Answer: Monte Carlo simulation is a form of simulation modeling called mathematical simulation, where mathematical formulas and statistical processes are used to simulate activities, decisions, and the like. In Monte Carlo simulation, statistical sampling is used to generate outcomes for a large number of trials. The results of these trials are then used to gain insight into the system of interest.
Monte Carlo simulation is used to simulate all types of systems and many types of statistical distributions.
The modeler must map the random numbers to the outcomes of events under study, then generate a stream of numbers that can be interpreted by the mapping so that the events are interpretable. The stream of numbers could be mined from a page turner such as A Million Random Digits with 100000 Normal Deviates by the RAND Corporation or more commonly, from a computer program.
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When preparing to be able to best respond to questions from the audience,
A) have friendly audience members ask predetermined questions. B) offer to meet after the presentation. C) prepare extra slides and handouts that will speak for you. D) learn about the audience and their concerns ahead of time. E) establish ground rules and don't respond to those who will not follow the rules.
Adopting a consumer-oriented marketing philosophy is most consistent with
A. quickly gaining highly profitable market returns. B. achieving long-term success in many areas, not just marketing. C. the revenue stabilizing effect of large market shares. D. focusing on the single most profitable consumer segment.
Define incentive pay and explain how it can motivate employees.
What will be an ideal response?
What are the three characteristics that are used to distinguish between batch and real-time systems