Module 3: Probabilistic Models Quiz TOTAL POINTS 10 1. Which of the following characteristics implies that a quantitative model is probabilistic in nature? 1 point 2. What essential information can a probabilistic model provide, that a deterministic model can’t? 1 point 3. Monte Carlo simulation models incorporate uncertainty in what manner? 1 point 4. 1 point The fact that it uses random variables The fact that it uses an exponential function The fact that it is based on theory rather than data The fact that it measures time in discrete steps It can be used with both discrete and continuous variables It can include a range of uncertainty for the model output It can provide a more accurate measure of the output It can deal with larger amounts of data