Why is simulation often called a technique of last resort?
What roles does statistical hypothesis testing play in simulation?
What determines whether a simulation model is valid?
Must you use a computer to get good information from a simulation? Explain.
What methods are used to increment time in a simulation model? How do they work?
What are the pros and cons of starting a simulation with the system empty? With the system in equilibrium?
Distinguish between known mathematical distributions and empirical distributions. What information is needed to simulate using a known mathematical distribution?
What is the importance of run length in simulation? Is a run of 100 observations twice as valid as a run of 50? Explain.
