Question: MANAGEMENT SCIENCE What is Monte Carlo Simulation and how do you apply it in business? Identify the application of Queuing theory in various areas of

MANAGEMENT SCIENCE

  1. What is Monte Carlo Simulation and how do you apply it in business?
  2. Identify the application of Queuing theory in various areas of business.
  3. What is the use of SIMULATING machine breakdown and repair? Enumerate at least three.
  4. What is the principle of simulation as applied in business? Explain.

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