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Monte Carlo Simulation
N/A
4
Management
Undergraduate 1
04/19/2015

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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.
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