Simulation

From Open Risk Manual

Definition

Simulation is very general organizational (management) process or tool that aims to explore and analyse a real-world phenomenon (system, entity) through the imitation (emulation) of its governing rules and, hence, its response to varying scenarios.

In many cases simulation denotes a more specific statistical / mathematical concept that typically requires the use of mathematical models (representations of the key characteristics or behaviors of the system or process being studied).

See Also