Final answer:
The statement is true. Replicating a simulation model multiple times increases the efficacy of the results.
Step-by-step explanation:
The statement, “increase in the number of replications in a simulation model results in increased efficacy of the results,” is true.
Replication refers to the repetition of an experiment, which is a type of sample size. When a simulation model is replicated more times, it increases the statistical power to detect differences and effects. This means that the results become more reliable and accurate.
For example, if a simulation model is used to study the effects of a new drug, replicating the experiment multiple times will help to reduce the chance of chance events or biases influencing the results. It provides more data points and allows for better statistical analysis, leading to more trustworthy conclusions.