DECISION MODELLING AND ANALYSIS

DECISION MODELLING AND ANALYSIS

http://www.forbes.com/sites/gregsatell/2013/07/15/why-the-future-of-innovation-is-simulation/#4d618a8e29fd

Read the article by Satell (2013) entitled “Why The Future of Innovation Is Simulation.” Based on this article and additional reading and knowledge, answer the following questions:

Under what conditions would you choose to use a simulation model?
What is the simulation process?
Explain the pros and cons of using simulation modeling.