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Business Analytics-Simulations (rated 100% correct).
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Business Analytics-Simulations (rated 100% correct).

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  • August 26, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • business analytics simulations rated 100 correct

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  • Business Analytics
  • Business Analytics

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Business Analytics-Simulations (rated
100% correct).

Define a problem ANS - 1st Step in the process of a simulation



Introduce variables associated with the problem ANS - 2nd Step in the process of a simulation



Construct a Mathematical Model ANS - 3rd Step in the process of a simulation



Set up Possible Courses of action for testing ANS - 4th Step in the process of a simulation



Run the experiment ANS - 5th Step in the process of a simulation



Consider the results and make necessary modifications ANS - 6th Step in the process of a simulation



Decide upon the course of action to take ANS - 7th Step in the process of a simulation



Analogue ANS - Type of simulation modeling for product design and testing



Monte Carlo ANS - Type of simulation modeling for uncertainty or randomness of a system by
"replicating" it many times with different values for random inputs. Provides knowledge of the
underlying distribution of the uncertain events and a better understanding of teh distribution of possible
outcomes and risk involved.



System ANS - Type of simulaiton modeling typically used to analyze system performance the the effects
of changes on system performance such as with weather, windflow, production, logistics, and
transporation.



A ANS - Advantage or Disadvantage of Simulations: Straight forward and flexible

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