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.

Question

Quizplus · Accepted Answer

A probability distribution is a mathematical function that provides the range and relative likelihood of possible values of an uncertain variable. It is commonly used in risk analysis and simulation optimization to estimate the probability of different outcomes. Base-case scenario refers to a single, specific outcome that is used as a reference point for comparison.

A Description of the Range and Relative Likelihood of Possible