Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A simulation is used to model a wide variety of systems in an organization to see what all could be improved. Simulations can be used

A simulation is used to model a wide variety of systems in an organization to see what all could be improved. Simulations can be used for both process design and ongoing improvements. A key factor in a situation where a simulation is needed; the outcome is unknown to the decisionmaker, and there is no other model that can help. Simulation in standards for defining a business process. Since it does not have certain standard parameters, every business faces different challenges. In the retail industry, we use simulations to measure many different functions of the business. The flow of transportation to stores, measure shelf life of a product, and even the seasonal flow of merchandise and time of when to set and advertising are just a few models that we use in everyday business. Because there is a constant need for a new product, shelf life is an important factor in simulation, giving the best solutions. Using simulations, the merchant can make future events and ensure that an item is in sync with the business flow. In retail, regression models, forecasting models, and optimization models, all can be used and play a vital role. Still, I think simulations can provide a better alternative for trying to figure shelf life and play roles in the shelf life of like products. We can use simulations to measure how long the item will last because it often changes pricing, selection, and product limitation. Using these factors in a simulation makes it more efficient for what will be shipped out to store and other things that must be profitable. Using simulation helps with controllability, which is important to the business's success. By properly using what is learned, a company like where I work can achieve goals of being very profitable while ensuring efficiency. What do you think?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles

Authors: Jerry J Weygandt

10th Edition

1118009282, 9781118009284

More Books

Students also viewed these Accounting questions

Question

Differentiate 3sin(9x+2x)

Answered: 1 week ago

Question

Compute the derivative f(x)=(x-a)(x-b)

Answered: 1 week ago

Question

1. To gain knowledge about the way information is stored in memory.

Answered: 1 week ago