Question

The role of simulation in business decision making

Answer 1

Simulated environments allow you to test out new ideas before you make a complex business decision. This analysis technique lets you manipulate different parameters, such as revenue and costs, to discover opportunities for improvement in your current operations.

Simulation models can give you a graphical display of information that can be edited and animated, showing you what might happen if you take certain actions. Applying these results to your business helps you manage risk and make better choices.