This document discusses simulation as a quantitative approach to decision making. It describes how simulation models use mathematical expressions and logical relationships to represent real systems and compute outputs given inputs. The document outlines various applications of simulation, including new product development, traffic flow, and waiting lines. It also covers risk analysis, what-if analysis, inventory simulation, and waiting line simulation. The advantages of simulation include studying systems without building them and performing what-if analysis, while disadvantages include high costs of model building and conducting simulations.