id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
absel-2319	Dennis, Terry; Pray, Thomas F.	Nine Topic Oriented Mini Simulations: Descriptions, Purposes, and Observations	1982	5	.pdf	application/pdf	3296	106	23	Some of the benefits of this simulation include: • The introduction of students to computer simulations • Students learn to graphically represent the cost functions • Students learn trial and error decision methods are time consuming • The effectiveness of the deterministic model is demons t rated • Students can easily see the advantage of standard operating procedures, e.g. fixed order point • Independent data may be generated for each student or each problem STOCHASTIC INVENTORY CONTROL This Monte Carlo simulation is an extension of the deterministic model. The functional form employed is a multiplicative demand function: Three Different Models that have been commonly used are presented in Figure X. Some of the benefit derived from this empirical demand exercise include: .Different exercises for each student or groups of students •Minimizes student frustration by ensuring proper signs of coefficients and statistical significance •Ease in grading--the functional forms are known to the instruct or •Blends both economic theory and statistics with the managerial decision and policy making •Allows for a diversity of products such as normal, inferior, superior price sensitive or elastic advertising elastic or inelastic, etc.	cache/absel-2319.pdf	txt/absel-2319.txt