QUESTION When choosing a probability distribution in an RSPE simulation, it is important to:

QUESTION

1. When choosing a probability distribution in an RSPE simulation, it is important to:

compare the sample data statistics with standard values

consider the fit statistic

run at least 10,000 simulation trials

check the similarity between the input data and the output data

carefully define the output cells

0.5 points  

1. A marketing director needs to estimate the demand for a new product and she obtains the pessimistic, the optimistic and the most likely estimates of the demand from the company's store manager. What probability distribution should be used to describe this random variable in computer simulation?

Uniform distribution

Triangular distribution

Exponential distribution

Normal distribution

Binomial distribution