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What steps are needed in order to have a successful model

Question: 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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Other Management: What steps are needed in order to have a successful model

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