Final answer:
The original Black-Scholes model is difficult to analyze, parameterize, and communicate, and is limited by software and hardware requirements.
Step-by-step explanation:
The original Black-Scholes option pricing model has several major limitations. One of the limitations is that it is difficult to analyze as it is built on complex mathematical theories that require a certain level of expertise to understand fully.
Furthermore, the model is difficult to parameterize because it relies on certain assumptions that often do not hold true in the real world, such as the assumption of constant volatility and the ability to trade continuously without transaction costs.
Another limitation is that the Black-Scholes model is difficult to communicate to those without a financial or mathematical background, which can hinder its use among wider audiences who might benefit from its insights. Lastly, the original model tends to be limited by software and hardware requirements, although this has become less of an issue with advances in technology.