Question: (a) Briefly describe an Operations Management situation for which Monte Carlo simulation (i.e. simulation using random numbers) would be a particularly appropriate modeling tool, and

(a)

Briefly describe an Operations Management situation for which Monte Carlo simulation (i.e. simulation using random numbers) would be a particularly appropriate modeling tool, and how the results from a simulation would be used by a decision maker in that situation.

(b) Identify one of the major drawbacks of using Monte Carlo simulation in Operations Management.

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