comprehensive issues in finance

Chapter Study Outlines

STUDY OUTLINE FOR CHAPTER 1

INTRODUCTION TO Operations Management

1. Operations management is

2. What are the three basic functions in business organizations?

1)

2)

3)

3. A supply chain consists of

4. What is meant by the term value-added?

5. The operations function oversees a transformation or conversion process. Explain briefly.

6. Explain the term goods-service continuum.

7. List some ways that manufacturing and systems and service systems differ.

1)

4)

2)

5)

3)

6)

8. What is a process?

9. Give an example of each process category:

Upper management

Operational

Supporting

10. List the basic sources of variation

1)

2)

3)

4)

11. Why is it important to manage variations?

12. Operations management professional make a decisions that affect the entire organization. Briefly explain each of these categories:

What

When

Where

How

Who

13. What are models, and what are some of the ways they are useful?

14. Why are performance metrics necessary?

15. What are trade-off decisions?

16. What is a systems approach, and why is a systems approach useful?

17. Why is degree of customization a factor in operations management?

18. What are some areas of ethical responsibility in the management of operations ?

19. Why is there a need for the various functional areas of an organization to collaborate?

20. Explain these terms:

craft production

mass production

division of labor

interchangeable parts

outsourcing

technology


COMPETITIVENESS, STRATEGY, AND PRODUCTIVITY

1. Name ten ways that the operations function influences the competitiveness of an organization.

1)

6)

2)

7)

3)

8)

4)

9)

5)

10)

2. Define these terms:

mission

goals

strategies

tactics

core competencies

order qualifiers

order winners

environmental scanning

3. Why are global strategies becoming more important in todays business environment?

4. Why is operations strategy an important key to success?

5. What are the four perspectives of a balanced scorecard?

1)

2)

3)

4)

6. What is the purpose of a balanced scorecard?

7. What is productivity and why is productivity important?

8. What are some the major factors that affect productivity?

9. What are some steps that can be taken to improve productivity?

1)

2)

3)

4)

5)

6)


FORECASTING

1. List some examples of how each of these areas of an organization use forecasts:Accounting

Finance

Human Resources

Marketing

MIS

Product/service design

2. What four features are common to all forecasts?

3. Name the elements of a good forecast:

4. List the six steps in the forecasting process:5. How is forecast error computed?

6. What three measures are used to summarize forecast error? Briefly describe each measure.

1)

2)

3)

7. Briefly describe each of these forecast types:

judgmental

time series

associative

8. Briefly describe each of these judgmental forecasting methods:

executive opinion

sales force opinions

consumer surveys

the Delphi method

9. What is the nave approach in forecasting?

10. Briefly describe each of these techniques for averaging:

moving average

weighted moving average

exponential smoothing

11. What is a seasonal relative?

12. What is focus forecasting?

13. Define standard error of estimate.

14. What two techniques can be used to monitor forecast errors? Briefly describe each technique. Which one is generally preferred, and why?

STUDY OUTLINE FOR CHAPTER 4PRODUCT & SERVICE DESIGN

1. Why is product or service design strategically important?

2. What do product and service design do?

1)

2)

3)

4)

5)

6)

7)

3. Give a few examples for each of these major reasons for design or redesign:

economic

social and demographic

political, liability, legal

competitive

cost or availability

technological

4. What are the key questions of product and service design?

1)

2)

3)

4)

5. Briefly define or explain these terms:

value analysis

manufacturability

serviceability

Uniform Commercial Code

6. What is life cycle assessment, and why is it becoming increasingly important?

7. What are the 3 Rs?

8. Why is standardization a factor in design?

9. What are some key advantages and disadvantages of standardization?

10. What is mass customization, and why is it used?

11. Define or explain these two approaches to mass customization:

delayed differentiation

modular design

12. Define these terms

reliability

.

Robust design

13. What is the impact of newness on

a. operations?

b. the market?

14. Explain how global product design can be useful, and some cautions.

15. What are the main phases in design and development?

1)

2)

3)

4)

5)

6)

7)

8)

9)

16. Define reverse engineering.

17. What is concurrent engineering, and why is it important?

18. What do the terms design for manufacturing and design for assembly connote?

19. What is quality function deployment, and why is it important?

20. What is the Kano model, and how can it be used in design?

21. Briefly define each of these terms:

service delivery system

product bundle

service package

service blueprint

22. List the characteristics of a well-designed service system:

1)

2)

3)

4)

5)

6)

7)

8)

9)

23. What are the key challenges of service design?

1)

2)

3)

4)

STUDY Outline FOR CHAPTER 4S

RELIABILITY

1. How is reliability defined?

2. Explain the concept of independent events.


redundancy

mean time between failures (MTBF)

availability

STUDY oUTLINE FOR CHAPTER 5Strategic CAPACITY PLANNING for Products and services

1. How is capacity defined?

2. What are the three key questions in capacity planning?

1)

2)

3)

3. What are five related questions?

1)

2)

3)

4)

5)

4. Why are capacity decisions strategic?

1)

2)

3)

4)

5)

6)

7)

8)

5. Write the equation for each term:

Utilization =

Efficiency =

6. Name seven determinants of effective capacity.

1)

2)

3)

4)

5)

6)

7)

7. Explain the term capacity cushion.

8. List the steps in the capacity planning process:

1)

2)

3)

4)

5)

6)

7)

9. What are three important challenges in planning service capacity?

1)

2)

3)

10. List six main considerations relevant to a make or buy decision:

1)

4)

2)

5)

3)

6)

11. Explain what a bottleneck operation is and how that can affect operations.

12. Explain the importance of constraint management.

13. Name six things that can be done to enhance capacity management:

1)

2)

3)

4)

5)

6)

14. Explain these terms and the reasons for each:

economies of scale

diseconomies of scale

15. What is the purpose of cost-volume analysis?

16. Briefly define these terms:

Break-even point

Cash flow

Present value

STUDY OUTLINE FOR CHAPTER 5S

DECISION Theory

1. Briefly define or explain these causes of poor decisions:

bounded rationality

suboptimization

2. List the six steps in the decision making process:

3. List and briefly explain the three decision environments:

4. Explain each of these decision making approaches:

maximin

maximax

Laplace

minimax regret

5. What is the EMV criterion, and what additional information is needed to use it?

6. What is a decision tree, and how is it useful?

7. What is the expected value of perfect information?

8. What information does sensitivity analysis provide for a decision maker?

STUDY OUTLINE FOR CHAPTER 6PROCESS SELECTION AND FACILITY LAYOUT

1. What three primary questions bear on process selection?

1)

2)

3)

2. What are the two key aspects of an organizations process strategy?

3. There are different kinds of technology. Which three kinds is operations management most concerned with?

1)

2)

3)

4. List the five process types:

1)

2)

3)

4)

5)

5. What are the three key inputs to capacity planning and process selection?

1)

2)

3)

6. Name and briefly describe the two key aspects of process strategy that influence

process selection:

1)

2)

7. What are the three primary questions that bear on process selection? 1)

2)

3)

8. List and briefly describe the five types of processing systems:

1)

2)

3)

4)

5)

9. List activities or functions that are affected by process choice.

1)

6)

2)

7)

3)

8)

4)

9)

5)

10. What is product profiling, and how is it used?


Sustainable production of goods and services

Lean process design


automation

numerically controlled machines

manufacturing cell

flexible manufacturing system

computer-integrated manufacturing

13. Briefly describe a product layout.

14. What are some advantages of a product layout?

1)

2)

3)

4)

5)

6)

7)

15. What are the disadvantages of a product layout?

1)

2)

3)

4)

5)

6)

16. What are some advantages of a U-shaped line?

17. Briefly describe a process layout.

18. What are the advantages of a process layout?

1)

2)

3)

4)

19. What are the disadvantages of a process layout?

1)

2)

3)

4)

5)

6)

7)

20. What is a fixed position layout, and when is it used?


cellular production?

group technology?

22. What are the biggest challenges of implementing cellular manufacturing?

23. Define these terms associated with product layouts:

line balancing

cycle time

precedence diagram

24. What are the information requirements for the design of process layouts?

1)

2)

3)

4)

5)

6)

25. Explain how closeness ratings are used in a process layout.

STUDY outline FOR CHAPTER 6S LINEAR PROGRAMMING

1. What is linear programming?

2. How can it help a manager?

3. What is the key benefit of graphical linear programming as a learning tool?

4 Explain these terms:

decision variable

constraint

objective function

feasible solution space

corner point

redundant constraint

slack

surplus

binding constraint

enumeration approach

5. What is sensitivity analysis?

6. How is sensitivity analysis useful to a decision maker?

STUDY OUTLINE FOR CHAPTER 7DESIGN OF WORK SYSTEMS

1. What is quality of work life, and why is it important?

2. Give some examples of working conditions that might need to be taken into account in job design.

1)

2)

3)

4)

5)


time-based systems

output-based systems

knowledge-based systems

4. What is job design?

5. What is ergonomics and why is it important in product and service design?

6. a. What are some advantages of specialization for management?

b. What are some of the disadvantages for management?

c. What are some advantages of specialization for labor?

d. What are some of the disadvantages for labor?

7. Define or explain these terms:

Job enlargement

Job rotation

Job enrichment

Ergonomics

8. What is methods analysis?

9. What is motion study?

10. Who is known as the father of motion study?

11. What is a therblig?

12. What are motion study principles?

List three examples.

1. 1)

2. 2)

3. 3)

13. What is work measurement?


normal time

allowances

standard time

15. What is work sampling?

16. Contrast time study and work sampling.


LEARNING CURVES

1. What is a learning curve?

2. What is the doubling effect?

3. Name five applications of learning curves.

4. What are the main cautions and criticisms of using learning curves?


LOCATION PLANNING AND ANALYSIS

1. What are the primary reasons for the importance of location decisions in production system design?

1)

2)

3)

4)

5)

2. What are the typical objectives in location decisions?

3. What are some supply chain considerations ?

1)

2)

4. What four options are generally available in location decisions?

1)

2)

3)

4)

5.a. What are steps in the general procedure for making location decisions?

1)

2)

3)

4)

5.b. How can GIS be useful?

6. What are the primary regional factors in location decisions?

7. What are the primary community factors in location decisions?

8. What are the primary site-related considerations in location decisions?

9. Briefly explain the benefit of each of these multiple-plant strategies.

1) Product plant

2) Market area plant

3) Process plant

10. In what general ways are service location decisions different than manufacturing location decisions?

111. What is a microfactory?

12. Name the two key factors that have made globalization attractive for business organizations.

1)

2)

13. List some benefits of globalizing operations:

1)

2)

3)

4)

5)

14. List some disadvantages of globalizing operations;

1)

2)

3)

4)

5)

15. List some risks of globalizing operating:

1)

2)

3)

4)

5)

16. Briefly describe each of these techniques that are used to evaluate location decisions:

Cost-profit-volume analysis

transportation method

factor rating

center of gravity method


THE TRANSPORTATION MODEL

1. What sort of situation would lend itself to use of the transportation model?

2. What information is needed to be able to use the transportation model?

3. What three assumptions are required by the transportation model?

4. Generally speaking, how can the transportation model be applied to location decisions?


Management of QUALITY

1. Broadly defined, quality is:

2. How does the modern strategic approach to quality management differ from the former, traditional approach?

3. Briefly describe the contributions of each person:

Shewhart

Deming

Juran

Feigenbaum

Crosby

Ishikawa

Taguchi

4. List and briefly describe the dimensions on which product quality is often judged:

5. List and briefly describe the dimensions on which service quality is often judged:

1)

2)

3)

4)

5)

6)

7)6. The determinants of quality are:

7. What does quality of design refer to?

8. What does quality of conformance refer to?

9. What are some consequences of poor quality?

10. What are some benefits of good quality?

11. What responsibility does each of these areas of an organization have for quality?

Top management

Design

Procurement

Operations

Quality assurance

Packaging and shipping

Marketing and sales

Customer service

12. Briefly explain each of these internal costs of quality:

Appraisal

Prevention

Failure

13. What are some of the external costs of quality?

14. Explain the quality-ethics connection.

15. Briefly describe the essence of each of these quality awards:

The Baldrige Award

The European Quality Award

The Deming Prize

15. Briefly describe each of the following:

ISO 9000.

ISO 14000.

ISO 247000.

16. Why are business organizations becoming more concerned about quality and the supply chain?17. What is total quality management?

18. Briefly describe the TQM approach:

1)

2)

3)

4)

5)

19. Briefly describe the additional elements of TQM:

1)

2)

3)

4)

5)

6)

7)

8)

9)

20. Explain the term quality at the source. Why is it important?

21. Define each of these terms:

kaizen

fail-safing

six sigma as it relates to process improvement

22. What are the obstacles to implementing TQM?

1)

2)

3)

4)

5)

6)

7)

8)

9)

10)

11)

23. List four criticisms of TQM programs.

1)

2)

3)

4)

24. List the basic steps of problem solving.

1)

2)

3)

4)

5)

6)

7)

25. List and briefly describe the basic steps in the PDSA cycle:

1)

2)

3)

4)

26. Explain the term process mapping.

27. List and briefly explain the seven basic quality tools.

1)

2)

3)

4)

5)

6)

7)

28. What are cause-and-effect diagrams, and how are they useful?

29. What are run charts, and how are they useful?

30. Briefly explain each of these terms:

brainstorming

quality circles

benchmarking

the 5W2H approach


QUALITY CONTROL

1. What approach to quality do the least progressive companies use?

2. What approach do the most progressive companies use?

3. What are the basic issues in inspection?

4. What amount of inspection is optimal?

5. List the steps in the control process:

1)

2)

3)

4)

5)

6)

6. Contrast the terms random variation and assignable variation.

Random variation

Assignable variation


Sampling distribution

Type I error

Type II error

variables

attributes

8. Which two control charts are used for variables, and which two are used for attributes?

Variables:

Attributes:

9. What are the key managerial decisions about the use of control charts?

10. What are run tests used for?

11. Define each of these terms

Specifications (tolerances)

Control Limits

Process variability

12. What is meant by the term process capability, and why is that important?

13. What is a process capability index, and how is it used?

14. Name some potential ways to improve process capability:

15. Explain the Taguchi cost function.

16. What are the limitations of capability indexes?

1)

2)


ACCEPTANCE SAMPLING

1. What is the purpose of acceptance sampling?

2. What does a sampling plan specify?

3. What does a single sampling plan specify?

4. What does a double sampling plan specify?

5. What is an operating characteristic curve?

6. What is meant by the term acceptable quality level (AQL)?


lot tolerance percent defective

consumers risk

producers risk

average outgoing quality


SUPPLY CHAIN MANAGEMENT1. What is a supply chain?

2. What is the goal of supply chain management?

3. What are the key issues of supply chain management relative to matching supply and demand?

4. Generally speaking, what are the supply chain responsibilities of corporate management?

5. List the strategic responsibilities:

1)

2)

3)

4)

5)

6)

7)

8)

6. List the key tactical responsibilities:

1)

2)

3)

4)

5)

6)

7. List the key operational responsibilities:

1)

2)

3)

4)

5)

6)

7)

8)

8. List the trends in supply chain management:

1)

2)

3)

4)

5)

9. List the purchasing interfaces.

1)

2)

3)

4)

5)

10. List the main steps in the purchasing cycle.

1)

2)

3)

4)

5)11. What advantage is associated with each of these approaches to purchasing decision making?

Centralized

Decentralized

12. What is e-business?

13. Define the term vendor analysis.

14. What is the purpose of a supplier audit?

15.What is supplier certification and how is it useful?

16. Briefly describe each aspect with respect to partnering

Number of suppliers

Length of relationship

Low price

Reliability

Openness

Quality

Volume of business

Flexibility

Location

17. What is CPFR?


inventory velocity

bullwhip effect.

vendor-managed inventory

order fulfillment

ETO

MTO

ATO

MTS


Logistics

3-PL

20. Contrast active versus passive RFID.

Active RFID

Passive RFID

21. Explain the importance of managing returns.

22. What is meant by the term closed-loop supply chain?

23. Define these aspects of effective supply chain

Trust

Effective communication

Supply chain visibility

Event management

24. Define fill rate.

25. Give an example of a performance measure for each of the following:

Financial

Suppliers

Operations

Inventory

Order fulfillment

Customers

26. Define the term strategic sourcing.

27. Define or explain these terms;

Cross docking

Delayed differentiation

Disintermediation

28. What is reverse logistics, and why is control of that important?

29. What does SCOR represent, and what four metrics does it use?

30. Explain the importance of each of these terms:

strategic partnering

Inventory velocity

Information velocity

31. List the challenges involved in optimizing a supply chain:

1)

2)

3)

4)

5)

6)

STUDY OUTLINE FOR Chapter 12INVENTORY MANAGEMENT

1. Explain why inventory management is a core operations management activity.

2. How is inventory defined?

3. Explain the difference between independent-demand and dependent-demand inventory.

4. Name some of the different kinds of inventories manufacturing firms carry.

5. List eight reasons for holding inventories.

1)

2)

3)

4)

5)

6)

7)

8)

6. What is the overall objective of inventory management?

7. List five requirements for effective inventory management.


inventory turnover

periodic counting system

perpetual counting system

RFID tags

9. Briefly describe a two-bin system.

10. Define lead-time and indicate why it is important.

11. Briefly define each of these and give examples of each:

Holding (carrying) costs

Ordering Costs

Shortage costs

12. What is the A-B-C approach for inventory management? What is the typical measure of

importance?

13. What is cycle counting?

14. What are the two basic questions in inventory management?

15. What are EOQ models used for?

16. Which EOQ model should be used if replenishment occurs over time instead of as a

single delivery?

17. When is the fixed order interval model appropriate?

18. What are ROP models used for?

19. What is meant by the term fill rate?

20. In what kinds of circumstances would the single-period model be used?

21. What kinds of costs are generally associated with the term excess cost?

22. List four areas that have potential to improve reduce costs and improve customer satisfaction.

a.

b.

c.

d.

STUDY OUTLINE FOR CHAPTER 13AGGREGATE PLANNING


a. aggregate planning

b. sales and operations planning

2. What is the purpose of aggregate planning?

3. List the demand options in aggregate planning.

1)2) 3) 4)4. List the capacity options in aggregate planning.

1)

2)

3)

4)

5)

5. List the main strategies for meeting uneven demand.

3)

4)

6. Name two important factors that influence choice of strategy.

7. Briefly describe the informal, trial and error approach to aggregate planning.

8. What difficulties do services pose for aggregate planning?

1)

2)

3)


disaggregating the aggregate plan

master schedule

rough-cut capacity planning

ATP

10. Why is it important to stabilize the master schedule?

11. How are master schedules stabilized?

12. The duties of the master scheduler generally include:

1)

2)

3)

13. List the inputs and outputs of master scheduling:

Inputs

Outputs

14. What are time fences?

15. Briefly describe these scheduling phases:

frozen

slushy

liquid

STUDY OUTINE FOR CHAPTER 14

MRP and ERP

1. For which type of operation is MRP most appropriate?

2. Define the term dependent demand.

3. What is material requirements planning?

4. Briefly describe the three inputs for MRP.

1)

2)

3)

5. Briefly define these terms:

gross requirements

scheduled receipts

projected on hand

net requirements

planned order receipts

planned order releases

6. What is lot-for-lot ordering?

7. What are the three primary MRP outputs (reports)?

1)

2)

3)

8. What is meant by the term lot sizing?

9. Four benefits of MRP are.

1)

2)

3)

4)

10. Three requirements of successful MRP are:

1)

2)

3)

11. MRPII is

12. What is closed loop MRP?

13. What is DRP?

14. What is ERP?

15. What are the three main reasons organizations undertake ERP?

1)

2)

3)16. What are some of the hidden costs of ERP?

1)

2)

3)

4)

5)

6)

7)

STUDY OUTLINE FOR CHAPTER 15Lean Operations

1. What is meant by the term lean system?


Lean operations

Muda

Kanban

Pull system

Heijunka

Kaizen

Jidoka

Poya-yoke

3. What is the ultimate goal of a lean system?

4. List the supporting goals:

1)2)3)5. List the seven wastes:

1)

2)

3)

4)

5)

6)

7)

6. List the 4 building blocks and an element of each.

1)

2)

3)

4)

7. List seven benefits of small lot sizes


autonomation

jidoka

single-minute exchange of dies

takt time

fail-safe methods

activity-based costing

push system

9. Explain the advantages of pull systems over push systems.

10. Contrast supplier relations in lean and traditional systems.

11. What are the key advantages of supplier tiers?

12. What is value stream mapping?

13. How do lean and six sigma complement each other?

14. Name some obstacles to a conversion to lean operation.

1)

2)

3)

4)

15. What is JIT II?


MAINTENanCE

1. Name four reasons for maintenance

2. List four adverse consequences of maintenance

3. Contrast breakdown maintenance and preventive maintenance.

4. Name three ways preventive maintenance might be scheduled.

5. Explain the term predictive maintenance.

6. List and briefly explain four approaches used to deal with breakdowns.


SCHEDULING

1. Define scheduling

2. What is a flow system?

3. What are the key factors that determine the success of a high volume system?

4. What are the three basic issues in scheduling intermediate-volume systems?

3)

5. What are the two basic issues in scheduling low-volume systems?

6. Explain the term loading.

7. What is a Gantt chart?

8. Contrast these sets of terms:

infinite vs. finite loading

horizontal vs. vertical loading

9. What is the assignment model used for?

10. What are priority rules and what are they used for?

11. List six priority rules.

12. What is makespan?

13. Give one advantage and one disadvantage of each priority rule.

AdvantageDisadvantage

1.

2.

3.

4.

5.

6.1.

2.

3.

4.

5.

6.

14. List four measures of effectiveness for priority rules.

15. When can Johnsons rule be used?

16. Why can scheduling be difficult?

17. List three things a manager can do to achieve good scheduling results.

18. What issue does the theory of constraints deal with?

19. Explain what the drum-buffer-rope means.

20. What factors present scheduling problems in service systems that are not generally

encountered in manufacturing systems?

21. What is an important goal in scheduling service systems?

22. What is yield management?

23. What is cyclical scheduling?

STUDY OUTLINE FOR CHAPTER 17 PROJECT MANAGEMENT

1. What is a project?

2. What is a matrix organization?

3. What is project management?

4. How is project management different than general management?

1)

2)

3)

5. Why is it used?

1)

2)

6. What are the key metrics?

1)

2)

3)

7. What are the major executive responsibilities?

a.

b.

c.

8. What are the main tools?

1)

2)

3)

4)

9. List the six key decisions in project management.

1)

2)

3)

4)

5)

6)

10. The project manager is responsible for effectively managing these six aspects of a project:

1)

4)

2)

5)

3)

6)

11. What is a project champion, and why are project champions used?

12. What are some of the Pros and Cons of working on projects?

Pros

Cons

13. List the phases in the life cycle of a project.

1)

2)

3)

4)

14. What is a work breakdown structure, and what is its purpose?

15. What is a Gantt chart?


PERT

CPM

critical path

critical activity

slack

17. By using tools such as PERT and CPM, managers are able to obtain

1)

2)

3)

4)


AOA diagram

AON diagram


optimistic time

pessimistic time

most likely time

20. Write the formula for

expected time of an activity

variance of an activity

standard deviation of a path

21. What probability distribution is used to describe activity times?

22. What probability distribution is used to describe path times?

23. What rule of thumb is used to assign a probability of 1.0000 to timely path completion?

24. What assumption is made about path durations and activity durations in PERT analysis?

25. Explain the importance of budget control for projects.

26. Explain what is meant by the term crashing.

26. Which activities are potential candidates for crashing?

27. As a general rule, to what extent should a project be crashed?

28. What is the critical chain approach to project management?

29. Name four types of risks associated with projects.

1)

2)

3)

4)


Management of WAITING LINES

1. Many queuing systems can be categorized as underloaded, which means they can handle more customers a day than they get. Why, then, is there waiting?

2. What are five managerial implications of waiting lines?

1)

2)

3)

4)

5)

3. What is the goal of queuing analysis?

4. Why is it important to approach each queuing problem by first determining whether it is a finite source or infinite source problem?

5. What are the five key measures of system performance in a waiting line system?

1)

2)

3)

4)

5)

6. Write the five basic relationship formulas that apply to all infinite source models.

1)

2)

3)

4)

5)

7. What are the implications of Littles Law for waiting line analysis?

8. How is the average number waiting for server affected if service time is constant?

9. What does the notation M/M/S stand for?

10. Cost analysis for waiting lines involves a trial and error approach. Explain.

11. What circumstances would lead to the use of the multiple priority queuing model?

12. How can constraint management be useful?

13. What options might be considered for constraint management?

1)

2)

3)

4)

STUDY OUTLINE FOR SIMULATION

1. What is simulation?

2. What are some reasons for the popularity of simulation?

3. What is Monte Carlo simulation?

4. Write the formula for a simulated value from

1) a uniform distribution

2) a normal distribution

3) an exponential distribution

5. List three advantages of simulation

1)

2)

3)

6. List three limitations of simulation

1)

2)

3)

1