1. Would the average output value in a simulation problem change appreciably if a longer period…

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1. Would the average output value in a simulation problem change appreciably if a longer period were simulated? Why or why not?

2. How might drawing a flow diagram help in developing a simulation model?

3. List the advantages of using an Excel add-in program rather than using Excel’s built-in functions to develop a simulation model.

4. What does Scenario Manager allow you to accomplish in an Excel-based simulation model?