Discuss simulation and its limitations. (500 words)

Intro (50 words)
- State how simulation models reflect real world scenarios (for experimentation of system properties).

Explanation (300 words)
- Mention the discrete events and Monte Carlo approaches.
- Illustrate how simulations create random numbers and random processes based on probability distributions.
- Talking about forecasting, optimization and particularly about the estimates with uncertainties using simulation methods.
- Explain limitations: reproducing real-world models is challenging with assumptions about data as inputs and computationally heavy, problematic in the same way.

Example (100 words)
- Mention the usage of simulations in any business of higher education (e.g. simulating the model of production system, financial forecasting)

Conclusion (50 words)
- Simulation section where all the consequences are being discussed as well as advantages and disadvantages.