Simulation Flashcards Chapter 4

Questions and Answers

What is a simulation?

The imitation of an operation of a real-world process or system over time (correct)

An actual process occurring in the physical world

A theoretical concept without practical application

None of the above

When should you use simulation? (Select all that apply)

When it's safer (correct)

When impacts are uncertain (correct)

When you want to waste time

When you want to save money (correct)

What are discrete variables?

Data that can only take certain values

What are continuous variables?

Variables that can take on many values between two specific values Signup and view all the answers

Which Excel functions are used for a discrete variable simulator? (Select all that apply)

Rand() Signup and view all the answers

The sum of probabilities must equal ______.

1 Signup and view all the answers

Study Notes

Simulation Concepts

Simulation refers to mimicking the operation of a real-world process or system over a period to study its behavior and outcomes.
It's particularly valuable when direct experimentation is costly, dangerous, or impractical.

When to Use Simulation

Uncertainty in impacts makes simulation a preferred approach.
Cost-efficiency and time-saving are significant benefits of using simulation.
Simulations enhance safety by allowing analysis of scenarios without real-world risks.

Types of Variables in Simulation

Discrete Variables: Limited to certain values; examples include predicting rain or flipping a coin. These variables can only take specific, countable outcomes.
Continuous Variables: Can take an infinite range of values between two points; examples include predicting temperature, allowing for an extensive spectrum of possible outcomes.

Tools for Discrete Variable Simulation

Rand(): An Excel function used to generate random numbers, crucial for simulating discrete outcomes.
Vlookup: An Excel function that helps in searching data values within a table, enhancing the process of managing probabilities in simulations.

Probability in Simulation

The sum of all probabilities in a simulation must equal 1, ensuring a valid probability distribution.

Description

Explore key concepts related to simulation through this set of flashcards. This quiz covers definitions and examples of simulation, as well as the distinctions between discrete and continuous variables. Perfect for enhancing your understanding of simulation methods!