Simulation
From Open Risk Manual
Revision as of 20:46, 21 November 2022 by Wiki admin (talk | contribs)
Definition
Simulation is very general Statistical / Mathematical Concept that denotes the exploration and analysis of a real-world phenomenon through the imitation (emulation) of its postulated governing rules. Simulations typically require the use of mathematical models (representations of the key characteristics or behaviors of the system or process being studied).
