In an earlier post, I mentioned I would be describing the ABC approach to inventory management in more detail. ABC is used in retail, and can be applied in healthcare, for example when trying to manage surgical inventory with reduced effort.
No, it does not in either case. Simulation provides a platform for the development of models. Simulation can be contrasted with “closed-form” mathematical solutions to problems, which give an exact answer — think queueing models. Because closed-form models can be very unwieldy and complex to develop and explain to non-mathematicians, we increasingly rely on software that allows us to model ideas via a graphical user interface (GUI) and then run and test our model using the underlying simulation engine.