Hi. i need full replies to these questions with APA sources and in-text citations. 1. Discuss the role of simulation for decision making. What are some advantages and disadvantages of simulation for decision making?

2. List at least one problem (do not use the same examples as discussed in the textbook) in each of the following categories that could be approached with simulation: operations/supply chain, finance, marketing, and sports. For each, identify the random inputs, possible probability distributions for them, and any outputs of interest.

3. Summarize the general process for performing Monte Carlo simulations in Excel. What statistical tools can you use to evaluate risk using the results from Monte Carlo simulations?

4. Suppose you are a financial analyst and your company runs many simulation models to estimate the profitability of its projects. If you had to choose just two measures of the distribution of any important output such as net profit to report, which two would you choose? Why? What information would be missing if you reported only these two measures? How could they be misleading?