This is asking you to distinguish between descriptive,… This

  

This is asking you to distinguish between descriptive,… This is asking you to distinguish between descriptive, diagnostic, predicative and prescriptive analytics. In that pursuit, answer the following: In ‘Decision Analysis under Uncertainty’, the concepts of ‘Simulation Modelling’ (2.4) were explained. In short, the Study Guide explained it as “a system or process using computer programmes…..[to] predict outcomes in a simulated setting…..[and] to address “what if” s in business context…..and improving business performance.” A comparison between analytics and simulation modelling was made and further details on simulation were provided from the website (see SU5 References): ‘The Next Generation of Prescriptive Analytics: Market Simulation’ (https://www.concentricmarket.com/prescriptive-analytics (Links to an external site.)).Explain what ‘Simulation Modelling’ is, and discuss the advantages and disadvantages of simulation in a general context.How is ‘Simulation Modelling’ differed from other analytics methods? Could you provide example(s) of a business that uses simulation to support its operations in industries such as logistic, aviation, transportation or healthcare? Do you agree or disagree that simulation is the preferred approach to solve the problems that you have discussed in your example(s)?While the above website in the provides sufficient details for your reading, you may provide additional references in support of your understanding of simulation modelling and simulation in general. Engineering & Technology Industrial Engineering Operations Management BUS 352 Share (0)