A computerized mathematical technique that furnishes the decision maker with a range of possible outcomes and the probabilities of occurrence for any choice of action best defines
A)Monte Carlo simulation.
B)SWOT analysis.
C)Six Sigma.
D)DMAIC.

Question

Quizplus · Accepted Answer

The definition given best fits Monte Carlo simulation, which is a computational method that uses random sampling and probability distributions to generate possible outcomes and their associated probabilities. This technique is commonly used in decision-making scenarios where there is a level of uncertainty involved, and it enables decision makers to better understand the possible outcomes of different choices they may make. SWOT analysis, Six Sigma, and DMAIC are all different business methodologies and strategies that do not specifically involve computerized mathematical modeling.

A Computerized Mathematical Technique That Furnishes the Decision Maker with a Range