The first step in the Monte Carlo simulation process is to define the problem in terms of random variables Oestablish random number intervals generate random numbers turn on a computer Question 4...

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Extracted text: The first step in the Monte Carlo simulation process is to define the problem in terms of random variables Oestablish random number intervals generate random numbers turn on a computer Question 4 There are six steps in performing Monte Carlo simulations as described in Module 31. The 5th step calls for extracting the statistics from the results. True False