Which of the following best defines Monte Carlo simulation?a. It is a tool for building statistical models that characterize relationships among a dependent variable and one or more independent variables. b. It is a collection of techniques that seek to group or segment a collection of objects into subsets. c. It is the process of selecting values of decision variables that minimize or maximize some quantity of interest. d. It is the process of generating random values for uncertain inputs in a model and computing the output variables of interest.

d. It is the process of generating random values for uncertain inputs in a model and computing the output variables of interest.

Explanation:

Monte Carlo simulation is the process of generating random values for uncertain inputs in a model and computing the output variables of interest. It is a type of computational algorithm which is used to predict the probability of various outcomes based on repeated random samples or variables. It is used for better decisions making by providing information about the impact of a risk and for forecasting models.

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