A description of the range and relative likelihood of possible values of an uncertain variable is known as a

a. risk analysis.
b. probability distribution.
c. base-case scenario.
d. simulation optimization.


b
RATIONALE: A description of the range and relative likelihood of possible values of an uncertain variable is known as a probability distribution.

Business

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When Henry Ford said, "People can have the Model T in any color-so long that it's black," he was reflecting a sales orientation.

Answer the following statement true (T) or false (F)

Business

If a person is unable to understand the nature and effect of entering into a contract, he or she can avoid it

a. True b. False Indicate whether the statement is true or false

Business

Because the UCC's warranty requirements create a tough standard, sellers may wish to reduce their liability by issuing:

a. limits of liability b. disclaimers c. disclosures d. denunciations e. revocations of liability

Business

A patch is a labor-intensive process of manual steps that a firm must do to address a vulnerability

Indicate whether the statement is true or false.

Business