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Dynamic System Simulation for Decision Support

Dynamic System Simulation for Decision Support

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Author(s): Norman Pendegraft (University of Idaho, USA)and Mark Rounds (University of Idaho, USA)
Copyright: 2008
Pages: 7
Source title: Encyclopedia of Decision Making and Decision Support Technologies
Source Author(s)/Editor(s): Frederic Adam (University College Cork, Ireland)and Patrick Humphreys (London School of Economics, UK)
DOI: 10.4018/978-1-59904-843-7.ch035

Keywords: Accounting and Finance / Business & Management / Business Science Reference / Decision Support Systems

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Abstract

Simulation is a powerful methodology for decision support because it allows managers to experiment with models prior to implementing a policy or decision. There are several approaches to computer simulation: continuous event simulation, discrete event simulation, and Monte Carlo simulation. Continuous event simulation can be used to model dynamic system which cannot otherwise be easily modeled.

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