Prescriptive Analytics: Optimization and Simulation - Introduction to Simulation
3 important questions on Prescriptive Analytics: Optimization and Simulation - Introduction to Simulation
List the characteristics of simulation
Suffer from fewer assumptions about the decision situation compared to other prescriptive analytic models.
Is a technique for conducting experimentsUsed when a problem is too complex to be treated using numerical optimization techniques.(
E.g. the assumptions do not hold, formulation too large, too many interactions among the variables,..)
Is a technique for conducting experimentsUsed when a problem is too complex to be treated using numerical optimization techniques.(
E.g. the assumptions do not hold, formulation too large, too many interactions among the variables,..)
List and describe the steps in the methodology of simulation
Steps in figure 6.12
List and describe the types of simulation
Probabilistic simulation e.g. Monte Carlo Simulation
Time-dependent simulation
Time-independent simulation
Time-dependent simulation
Time-independent simulation
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