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An instructional simulation, also called an educational simulation, is a simulation of some type of reality (system or environment) but which also includes instructional elements that help a learner explore, navigate or obtain more information about that system or environment that cannot generally be acquired from mere experimentation.
Another similar example of a business simulation (that models a startup business) is "SimVenture Classic". Trevor Chan is a notable developer of business simulation games, [9] having developed the 1995 game Capitalism, which has been described as the "best business simulation game". [1] A sequel, entitled Capitalism II, was released in 2001.
During the simulation, students act as corporate managers of their own companies that produce an imaginary product called Eco-Pen. The students use data such as simulated financial reports and market research to make decisions on product development , pricing, and production.
This process is called simulation optimization. [2] Specific simulation–based optimization methods can be chosen according to Figure 1 based on the decision variable types. [3] Fig.1 Classification of simulation based optimization according to variable types. Optimization exists in two main branches of operations research:
Monte Carlo simulation: Drawing a large number of pseudo-random uniform variables from the interval [0,1] at one time, or once at many different times, and assigning values less than or equal to 0.50 as heads and greater than 0.50 as tails, is a Monte Carlo simulation of the behavior of repeatedly tossing a coin.
In business, training simulation [aka Simulation Training] is a virtual medium through which various types of skills can be acquired. [1] Training simulations can be used in a variety of genres; however they are most commonly [2] used in corporate situations to improve business awareness and management skills. They are also common in academic ...
Human-in-the-loop simulation of outer space Visualization of a direct numerical simulation model. Historically, simulations used in different fields developed largely independently, but 20th-century studies of systems theory and cybernetics combined with spreading use of computers across all those fields have led to some unification and a more systematic view of the concept.