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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 ...
Simulation-based optimization. Simulation-based optimization (also known as simply simulation optimization) integrates optimization techniques into simulation modeling and analysis. Because of the complexity of the simulation, the objective function may become difficult and expensive to evaluate. Usually, the underlying simulation model is ...
In statistics, the bias of an estimator (or bias function) is the difference between this estimator 's expected value and the true value of the parameter being estimated. An estimator or decision rule with zero bias is called unbiased. In statistics, "bias" is an objective property of an estimator. Bias is a distinct concept from consistency ...
Financial modeling is the task of building an abstract representation (a model) of a real world financial situation. [1] This is a mathematical model designed to represent (a simplified version of) the performance of a financial asset or portfolio of a business, project, or any other investment. Typically, then, financial modeling is understood ...
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 ...
Stochastic simulation. A stochastic simulation is a simulation of a system that has variables that can change stochastically (randomly) with individual probabilities. [1] Realizations of these random variables are generated and inserted into a model of the system. Outputs of the model are recorded, and then the process is repeated with a new ...
Spreadsheet. A spreadsheet is a computer application for computation, organization, analysis and storage of data in tabular form. [ 1 ][ 2 ][ 3 ] Spreadsheets were developed as computerized analogs of paper accounting worksheets. [ 4 ] The program operates on data entered in cells of a table.
hide. In statistics and in particular statistical theory, unbiased estimation of a standard deviation is the calculation from a statistical sample of an estimated value of the standard deviation (a measure of statistical dispersion) of a population of values, in such a way that the expected value of the calculation equals the true value.