decision making using simulation
Simulation is a very useful decision making tool, yet a complex one. There are multiple softwares to select from and the most accessible is add-in on Excel. Depending on the application the approach can differ. for example, if the management wants to understand the consequences of multiple decisions, experiments can be carried to visualise their results and compare them or if a component performance was needed a CAD software can be used to analyse the performance needs.
although it can be a complicated process and it is not a decision tool on its own, it gives management and decision makers a deep insight to the situation to allow more objective analysis of the decision alternatives.
In my current job, simulation is very useful to carry out product design by using a software such as solid works or autocad. i can analyse what is the needed factor of safety when deciding on the optimal design for a certain component.