Assignment:
Q1. State the seven steps, beginning with “Defining the Problem,” that an operations manager should perform when using simulation to analyze a problem.
Q2. List the advantages of simulation.
Q3. List the disadvantages of simulation.
Q4. Explain the difference between simulated average demand and expected average demand.
Q1. What is the role of random numbers in a Monte Carlo simulation?
Q2. Why might the results of a simulation differ each time you make a run?
Q3. What is Monte Carlo simulation? What principles underlie its use, and what steps are followed in applying it?
Q4. List six ways that simulation can be used in business.
Provide complete and step by step solution for the question and show calculations and use formulas.