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Modeling and simulation (M&S) is the use of models (e.g., physical, mathematical, behavioral, or logical representation of a system, entity, phenomenon, or process) as a basis for simulations to develop data utilized for managerial or technical decision making. [ 1 ][ 2 ] In the computer application of modeling and simulation a computer is used ...
A simulation is an imitative representation of a process or system that could exist in the real world. [ 1 ][ 2 ][ 3 ] In this broad sense, simulation can often be used interchangeably with model. [ 2 ] Sometimes a clear distinction between the two terms is made, in which simulations require the use of models; the model represents the key ...
Spreadsheet risk is the risk associated with deriving a materially incorrect value from a spreadsheet application that will be utilized in making a related (usually numerically based) decision. Examples include the valuation of an asset , the determination of financial accounts , the calculation of medicinal doses, or the size of a load-bearing ...
Time series: random data plus trend, with best-fit line and different applied filters. In mathematics, a time series is a series of data points indexed (or listed or graphed) in time order. Most commonly, a time series is a sequence taken at successive equally spaced points in time. Thus it is a sequence of discrete-time data.
Simulation modeling. Simulation modeling is the process of creating and analyzing a digital prototype of a physical model to predict its performance in the real world. Simulation modeling is used to help designers and engineers understand whether, under what conditions, and in which ways a part could fail and what loads it can withstand.
In finance, the Monte Carlo method is used to simulate the various sources of uncertainty that affect the value of the instrument, portfolio or investment in question, and to then calculate a representative value given these possible values of the underlying inputs. [ 1 ] (". Covering all conceivable real world contingencies in proportion to ...
Verification and validation of computer simulation models is conducted during the development of a simulation model with the ultimate goal of producing an accurate and credible model. [ 1 ][ 2 ] "Simulation models are increasingly being used to solve problems and to aid in decision-making. The developers and users of these models, the decision ...
A flowchart is a type of diagram that represents a workflow or process. A flowchart can also be defined as a diagrammatic representation of an algorithm, a step-by-step approach to solving a task. The flowchart shows the steps as boxes of various kinds, and their order by connecting the boxes with arrows.
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