Kinds of Simulations (MAS547)

Static Simulation

simulation that does not involve time

Static Example

Monte carlo simulation risk analysis based on one moment

Dynamic Simulation

simulation where system changes over time

Dynamic Example

Grand turismo driving simulation, Customers arriving to system (queuing system usually)

Continuous-Change Simulation

simulation where system evolves continuously

Continuous Example

Weather-forecasting model, Temperature, water level

Discrete-Change Simulation

simulation where system changes only at specific points in time

Discrete Example

Manufacturing line simulation optimizing production (machine start/stop), Run only once and produce the same output

Deterministic Simulation

simulation where there’s no randomness

Deterministic Example

Inventory model where demand is fixed and known

Stochastic Simulation

simulation that includes randomness, probability, variation

Stochastic Example

Monte carlo simulation for uncertain financial returns, Run more than once because variables = different