Introduction basic principles

5 important questions on Introduction basic principles

Which types of simulation exist next to Discrete Event Simulation?

- Agent Based Simulation
-Continuous Simulation
  -System Dynamics
- Combined Discrete-Continuous Simulation
- Monte Carlo Simulation

What is an agent-based simulation?

An agent-based simulation is a Discrete Event Simulation in which the entities interact with each other and their environment.

What is the meaning of 'System Dynamics'?

System Dynamics is a specific type of continuous simulation that is used to improve strategies/policies.
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What three components are included in 'System Dynamics'?

- Stock
- Flow
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What type of simulation model is a Monte Carlo simulation?

Monte Carlo Simulation is a Static simulation model where time does not progress. It makes use of random generators. Monte Carlo Simulation can for instance be applied in case of valuing a bond/stock

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