Why is simulation such a widely used technique

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Reference no: EM131361203

1. Why is simulation such a widely used technique?

2. What are the advantages of special-purpose simulation languages (see below)?

3. In the simulation of an order policy for drills at Simkin's hardware (Example), would the results (of Table F.7) change significantly if a longer period were simulated? Why is the 10-day simulation valid or invalid?

Example - AN INVENTORY SIMULATION WITH TWO VARIABLES

Simkin's Hardware Store, in Reno, sells the Ace model electric drill. Daily demand for this particular product is relatively low but subject to some variability. Lead times tend to be variable as well. Mark Simkin wants to develop a simulation to test an inventory policy of ordering 10 drills, with a reorder point of 5. In other words, every time the on-hand inventory level at the end of the day is 5 or less, Simkin will call his supplier that evening and place an order for 10 more drills. Simkin notes that if the lead time is 1 day, the order will not arrive the next morning but rather at the beginning of the following workday. Stock outs become lost sales, not backorders.

Reference no: EM131361203

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