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Simulation Models Are Classified as Continuous If the Simulation Occurs

question 42

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Simulation models are classified as continuous if the simulation occurs at specific event points,like a piece of machinery in a factory breaking down.


Definitions:

Population Standard Error

The standard deviation of a sampling distribution, measuring the dispersion of sample means around the population mean.

Confidence Interval

A range of values, derived from the statistics of observed data, that is likely to contain the value of an unknown population parameter.

Mean

The average of a set of numbers, calculated by dividing the sum of all values by the number of values.

Population Standard Error

A measure of the dispersion of sample means around the population mean.

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