To simulate is to try of duplicate or imitate the features, appearance, and characteristics of a real system. Simply, simulation is a technique of testing a model, which resembles a real-life situation.
The term simulation in the context of business and social science applications refers to the operation of a numerical model that represents the structure of a dynamic process. Given the values of initial conditions, parameters and exogenous variables a simulation is run to present the behaviour of the process over time. Simulation approach can also be useful in building models for understanding future conditions.
The term simulation in the context of business and social science applications refers to the operation of a numerical model that represents the structure of a dynamic process. Given the values of initial conditions, parameters and exogenous variables a simulation is run to present the behaviour of the process over time. Simulation approach can also be useful in building models for understanding future conditions.
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