Explain the application of simulation in business analysis.
Decision Analysis & Modeling
1. Decision Analysis involves a systematic decision making process. Explain the approaches to the study of Decision Analysis and Modeling with a suitable example.
2. Explain the application of simulation in business analysis.
3. a. Solve the following problem:
Maximize Z = 40a + 35b
Subject to: 4a + 6b <= 120
8a + 6b <= 192 and a and b both are nonnegative.
3. b. What is the difference between the assumption of linearity and continuity in LPP?
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