Please respond to this assignment with with 200 words,12 font times roman,citation,references. No plagiarism . 

Discuss the many costs that businesses face today.  Is it always practical to test new ideas via a ‘real life’ study – with participants, facilities, etc?  If not, how can a simulation be utilized to test ideas while keeping costs manageable?  

If a simulation is used, what steps are needed in order to have a successful model?