Probability distributions and random numbers are the two fundamental concepts used in statistical simulations. An important task is the construction of probability distributions which in turn requires the collections of data from either primary or secondary sources.

Possible bias may not be discounted where data collection and analysis is involved as the methods and sample size used may not be fully disclosed to enable the user to evaluate their validity.

Consider yourself a manager or a business analyst given the task of using statistical simulations to predict the possible outcomes of a subject under study such as the likely sales of a newly launched product or the inventory levels of a critical component for the next six months.

Discuss the extent to which you agree or disagree with the following statement:

"Statistical simulation cannot be fully relied upon to enable sound decision making because of the presence of possible statistical bias in data collection, compilation and analysis.

Present your views by citing concepts you have learned and examples from the textbook/Study Guide, other good literature on the subject, your own experience at work or in an organisation that you are familiar with.