Simulation model analysis

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Reference no: EM133871424

Question

A simulation model analysis is necessary for businesses to project the potential outcomes of a decision. This is due to the uncertainty that businesses face on a regular basis. The simulation model replaces the use of a single variable and allows the team to set parameters with a range of values. A major issue facing my organization is in the project management with the number of projects and time they take to build. A simulation model would allow my organization to evaluate the impact of uncertainty on the decision. This model also gives probability distribution that explains the possible outcomes and the relative likelihood of various levels of demand. This model gives the analyst a variety of controllable inputs, which is where the recommendation can address not only the average output but the variability of the output. That specificity alone makes this model unique in decision making.

Reference no: EM133871424

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