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Understanding of possible economic conditions

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Reference no: EM131088232

Explain how simulation can be used effectively in one of the following situations:

a) An Assembly Line where the Operations Manager has been using a technique that includes the use of heuristics, and the results yield relatively high efficiencies but does not represent an optimum outcome

b) The Reserve Bank of Australia which is seeking a better understanding of possible economic conditions in the future

Notes: Limit your answer to 500 words. This word length should exclude any tables, diagrams or figures.

Reference no: EM131088232

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