Explain what is meant by the statement: "simulation is not limited to using the standard probability distributions."
What will be an ideal response?
"Standard models" include normal, binomial, beta, uniform, Poisson, exponential, and other probability distributions. Each has a specific set of assumptions and parameters. Real-world (empirical) systems can have any distribution imaginable. Simulation can mimic these real-world distributions by the use of random number intervals based on real-world behavior, and can therefore generate more realistic models than would occur if a standard model were used in place of a system-specific one.
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What will be an ideal response?