Shared Flashcard Set

Details

Monte Carlo Simulation
N/A
4
Management
Undergraduate 1
04/19/2015
Click here to study/print these flashcards.

Create your own flash cards! Sign up here.

Additional Management Flashcards

 

 

Cards

Term
Definition of a System?
 Definition
The physical process of interest.
Term
What is a Model?
 Definition

Mathematical representation of the system

  • Abstraction of reality
  • Modesl are a fundamental tool of science, engineering , business, etc.
  • Models always have limits of credibility
Term
What is a Simulation?
 Definition
A computer model used to imitate the behavior of the system.
Term
What is Monte Carlo simulation?
 Definition
Simulation that makes use of internally genrated (pseudo) random numbers.
Supporting users have an ad free experience!