ADMS 3330 Lecture Notes - Lecture 16: Decision Analysis, New Product Development, Linear Programming
16 Dec 2016
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Simulation, which breaks up away from linear programming. Widely used techniques in business applications, because lot of companies love to understand what potentially could happen to them by running through simulated environment instead of doing it in practice. In life trial periods and simulation problem, companies will do both. Costs a lot of money for in life trial periods, the(cid:455) do(cid:374)"t like to (cid:272)ast their (cid:449)e(cid:271) out as large as the(cid:455) can possibly to truly understand the impact of in life experiment. Companies go through historical info they have, and they establish probabilities, they are given to (cid:455)ou i(cid:374) this (cid:272)hapter, do(cid:374)"t eat (cid:272)alculate them. Those probabilities are used to figure what can possibly happen in the future, and we simulate what will happen based upon those historical data. Most widely used technique, companies minor or major ways use simulation to guide business potential outcomes, it could be small or large simulation project.
