Discuss the many costs that businesses face today. Is it always pra.docx

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Businesses face many costs today and it may not always be practical to test new ideas with real-life studies using participants and facilities due to expenses. Simulations can be used to test ideas while keeping costs manageable. To have a successful simulation model, steps are needed to develop an accurate representation of the system being studied.

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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