Quantitative Analysis for Management, 13/e

Discussion Questions and Problems

Discussion Questions

1. 13-1 What are the advantages and limitations of simulation models?

2. 13-2 Why might a manager be forced to use simulation instead of an analytical model in dealing with a problem of

   1. inventory ordering policy?

   2. ships docking in a port to unload?

   3. bank teller service windows?

   4. the U.S. economy?

3. 13-3 What types of management problems can be solved more easily by quantitative analysis techniques other than simulation?

4. 13-4 What are the major steps in the simulation process?

5. 13-5 What is Monte Carlo simulation? What principles underlie its use, and what steps are followed in applying it?

6. 13-6 List three ways in which random numbers may be generated for use in a simulation.

7. 13-7 Discuss the concepts ...