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In the context of Monte Carlo simulations, which are used to estimate the expected value of a random variable, analysts aim to achieve a lower standard error to improve the accuracy of their estimates. Given this objective, which of the following strategies would be most appropriate for an analyst to employ?
A
Increasing the expected value of the simulation
B
Increasing the number of replications
C
Increasing the variance of the distribution
D
Increasing the confidence level of the simulation