Each question needs its own answer and its own reference:
Q1. What key factors of a business situation indicate the need for simulation (versus the other modeling techniques covered in the course).
Q2. What is Monte Carlo Simulation? Where do the name come from? What does it consist of?
Q3. What is the difference between Simulation and modeling? Please explain.
Q4. As our text points out, Simulation has the tendency to be very complicated and expensive in its model creation. How do we handle this? What in your opinion then justifies doing Simulation?