Discuss the advantages and limitations of simulation models.

Simulation model is the digital prototype of the physical model to analyze its performance in real world. A physical model may be the supply chain system of a production house, intensive care unit system of a hospital, an interactive teaching system of a school, artillery and defensive mechanism of an army unit or flight’s data management of takeoff and landing. Whether such physical set up and system would work efficiently, cost effective and user friendly, it must be verified through several testing process in real situation. However, real world testing would yield high cost and risk of lives and assets. Therefore in such situation, simulation comes handy. In the word of Shannon (1975), “simulation is the process of designing a model of a real system and conducting experiments with this model for the purpose either of understanding the behavior of the system or of evaluating various strategies (within the limits imposed by a criterion or set of criteria) for the operation...