Which of the following best describes the relevance of business process simulation in studying manufacturing and service processes, as exemplified in the provided case study on retail banking and other industries?

a) Business process simulation offers a high-cost solution to testing operational processes.
b) Simulation helps businesses make uninformed decisions about process optimization.
c) It provides a cost-effective and low-risk environment for testing different design choices and scenarios.
d) Simulation is primarily used for theoretical analysis and has limited practical applications in real-world settings.