Modeling and Simulation: Part 2

Hector Guerrero
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Hector Guerrero: Mason School of Business

Chapter Chapter 8 in Excel Data Analysis, 2019, pp 265-310 from Springer

Abstract: Abstract Chapter 8 continues with our discussion of modeling. In particular, we will discuss modeling in the context of simulation, a term that we will soon discuss in detail. The terms model and simulation can be a bit confusing because they are often used interchangeably; that is, simulation as modeling and vice versa. We will make a distinction between the two terms, and we will see that in order to simulate a process, we must first create a model of the process. Thus, modeling precedes simulation, and simulation is an activity that depends on exercising a model. This may sound like a great deal of concern about the minor distinctions between the two terms, but as we discussed in Chap. 7 , being systematic and rigorous in our approach to modeling helps insure that we don’t overlook critical aspects of a problem. Over many years of teaching and consulting, I have observed very capable people make serious modeling errors, simply because they felt that they could approach modeling in a casual manner, thereby abandoning a systematic approach.

Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-01279-3_8

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DOI: 10.1007/978-3-030-01279-3_8

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