What are the motivations for using simulation for analyzing processes?
What will be an ideal response?
Simulation models are useful when waiting line models are too complex. When the relationship between variables is nonlinear, or when there are too many variables or constraints to handle with optimizing approaches, simulation is an attractive option. Simulation can be used to conduct experiments without disrupting the real system. Simulation can also be used to discover operating characteristics of a system in much less time than the data could be gathered from the real system. Finally, simulation can be used to sharpen managerial decision making through gaming.
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Under which of the following circumstances would a promoter be relieved of personal liability on contracts entered into while engaged in forming a corporation formation?
A. When the bylaws of the corporation expressly adopt all preincorporation contracts without novation. B. When the corporation unknowingly accepts the benefits of the contract. C. When the contracting party verbally agrees to relieve the promoter. D. When the third party, the corporation, and the promoter enter into an agreement to substitute the corporation for the promoter.
You buy a pair of very used skis for $25 from a store in Steamboat Springs. You learn later that
Billy Kidd, a famous skier, owned the skis years ago. The store demands that you return them because it did not know that they once belonged to Billy Kidd. Which is true? A) The store can force you to return them based on mutual mistake. B) The store can force you to return them based on unilateral mistake. C) The store will not be able to force you to return the skis. D) You can be forced to return the skis because you have defrauded the store owner.