The analysis of a complex decision situation by constructing a mathematical model of the situation and then performing a large number of iterations in order to determine the probability distribution of outcomes is called
A) sensitivity analysis.
B) expected utility analysis.
C) simulation.
D) a decision tree.

Question

Quizplus · Accepted Answer

Simulation involves creating a mathematical model of a complex situation and then running numerous iterations to understand the probability distribution of outcomes. This method is used to analyze and predict the behavior of systems in uncertain conditions.

The Analysis of a Complex Decision Situation by Constructing a Mathematical