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1. Simulation modeling provides insight into the

the solution to the business problem

model outcomes that are likely expected

the possible range of model outcomes and exceptions

costs associated with the model development

2. The main purpose of model validation is to find

whether the business problem was accurately defined

how well does a model reflect reality

how well a model fits the data

the sensitivity of the solution

3. When does one obtain a solution to a non-linear programing problem?

it is most likely a unique solution

it is most likely a locally optimal solution it is most likely a globally optimal solution it is most likely an infeasible solution