Operations Research, Simulation
Published Online: 15 JUL 2005
Copyright © 2005 John Wiley & Sons, Ltd
Encyclopedia of Biostatistics
How to Cite
Sharkey, P. D. 2005. Operations Research, Simulation. Encyclopedia of Biostatistics. 6.
- Published Online: 15 JUL 2005
Simulation models have been indispensable tools for decision makers in many different public and private environments. The methodology of developing a simulation model involves the abstraction of a real-life system into a symbolic model format. To discuss the multiple stages required in a Monte Carlo simulation study, including the (1) Problem Statement; (2) Information Gathering and Data Preparation; (3) Model Conceptualization; (4) Model Implementation; (5) Analysis and Interpretation; (6) Verification and Validation; and (7) Implementation and Documentation. Simulation models are created in order to provide valuable insight to decision makers by replicating real-life decision scenarios and providing more complete information about the risks and uncertainties in those environments. Once a model has been verified and validated as accurately representing the real-world environment, many “what if ” questions about the system can be posed. Illustrative examples are presented.
- Monte Carlo;
- probability distributions