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Discuss the many costs that businesses face today. Is it always practical to test new ideas via a 'real life' study- with participants, facilities, etc? If not, how can a simulation be utilized to test ideas while keeping costs manageable? If a simulation is used, what steps are needed in order to have a successful model?

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Discuss the many costs that businesses face today. Is it always practical to test new ideas via a 'real life' study- with participants, facilities, etc? If not, how can a simulation be utilized to test ideas while keeping costs manageable? If a simulation is used, what steps are needed in order to have a successful model?

There are many costs that businesses face today. There are manufacturing costs, raw material costs, and investment costs. In addition, there are logistics costs, warehousing costs, and inventory costs. There are direct labor costs, costs of administrative staff salaries, and costs ...

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Hatim Baxamusa, MBA
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  • BSc , University of Calcutta
  • MBA, Eastern Institute for Integrated Learning in Management
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