Benefits of Simulation Discuss the many costs that businesses face today. Is it always practical to test new ideas via a 'real life' study - with

Benefits of Simulation

Discuss the many costs that businesses face today.  Is it always practical to test new ideas via a 'real life' study - with participants, facilities, etc?  If not, how can a simulation be utilized to test ideas while keeping costs manageable?  

If a simulation is used, what steps are needed in order to have a successful model?

Running head: BENEFITS OF SIMULATION Benefits of SimulationStudent’s NameInstitution 1 BENEFITS OF SIMULATION 2Benefits of Simulation Indeed, businesses face many costs today. These costs...