What are the advantages of simulation over analytical models?
A simulated model may be defined as one which depicts the working of a large scale system of man, machines, materials and information operating over a period of time in a simulated environment of the real world conditions.
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Simulation is a numerical solution method that seeks optimal alternatives (strategies) through a trial and error process. The simulation approach can be used too study almost any problem that involves uncertainty, i.e., one or more decision variables can be represented a probability distribution, like decision making under risk. According to Shannon : "Simulation is the process of designing a model of a real system and conducting experiments with this model for the purpose of understanding the behavior (with the limits imposed by a criterion or set of criteria) for the operation of the system". According to Levin & Kirk Patrick : "Simulation is an appropriate substitute for mathematical evaluation of a model in many situations. Although it too involves assumptions, they are manageable. The use of simulation enables us to provide insights into certain management problem where mathematical evaluation of a model is not possible."
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