Quantitative Analysis: Discuss the many costs that businesses face today, (150 words),business and finance homework help

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Question Description

Quantitative Analysis for Management  12th Edition

Discussion Question

Benefits of Simulation – 150 words

Discuss the many costs that businesses face today.  Is it always practical to test new ideas via a 'real life' study - with participants, facilities, etc?  If not, how can a simulation be utilized to test ideas while keeping costs manageable?  

If a simulation is used, what steps are needed in order to have a successful model?


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Quantitative Analysis for Management 12th Edition Discussion Question Benefits of Simulation – 150 words Discuss the many costs that businesses face today. Is it always practical to test new ideas via a 'real life' study - with participants, facilities, etc? If not, how can a simulation be utilized to test ideas while keeping costs manageable? If a simulation is used, what steps are needed in order to have a successful model? ...
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Tutor Answer

Msharon
School: UT Austin

BENEFITS OF SIMULATION.

Modern businesses are in the verge of developing and achieving competitive advantage.
Achieving this success can be traced by incurrence of major costs and expenses. Some of the
costs incurred are investment, manufacturing and even raw materials costs. They include legal
p...

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