1, What are the advantages and limitations of simulation models?

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

(a) inventory ordering policy?

(b) ships docking in a port to unload?

(c) bank teller service windows?

(d) the U.S. economy?

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

4, What are the major steps in the simulation process?

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

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

7, Discuss the concepts of verification and validation in simulation.

8, Give two examples of random variables that would be continuous and give two examples of random variables that would be discrete.