309 Cards 14-15 Flashcards
A simulation model in which we need to keep track of the passage of time by using a simulation clock.
Discrete-Event Simulation
An excel function that can be used to randomly generate values from discrete general probability distributions.
LOOKUP
A simulation that experiments with probabilistic elements of a system by generating random numbers to create value for those elements.
Monte Carlo Simulation
An Excel function generates a random number between 0 and 1 each time it is computed.
RAND
A number (typically between zero and one in most computer programs) whose values is selected completely at random
Random Number
A single run of a simulation model. Also known as a run or trial.
Replication
A technique that involves building a mathematical model to represent a real-world situation. The model is then experimented with to estimate the effects of various actions and decisions.
Simulation
A state then, when entered, cannot be left. The probability of going from an absorbing state to any other state is 0.
Absorbing State
A condition that exists when the state probabilities for a future period are the same as the state probabilities for a previous period.
Equilibrium Condition
A type of analysis that allows us to predict the future by using the state probabilities and the matrix of transition probabilities.
Markov Analysis
A matrix containing all transition probabilities for a certain process or system.
Matrix of Transition Probabilities
The probability of an event occurring at a point in time. Examples include the probability that a person will be shopping at a given grocery store during a given month.
State Probability
The condition probability that we will be in a future state given a current or existing state.
Transition Probability
