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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.
A statistical model is a mathematical model that embodies a set of statistical assumptions concerning the generation of sample data (and similar data from a larger population). A statistical model represents, often in considerably idealized form, the data-generating process. [1] When referring specifically to probabilities, the corresponding ...
t. e. A simulation is an imitative representation of a process or system that could exist in the real world. [1][2][3] In this broad sense, simulation can often be used interchangeably with model. [2] Sometimes a clear distinction between the two terms is made, in which simulations require the use of models; the model represents the key ...
Statistical inference is the process of using data analysis to infer properties of an underlying distribution of probability. [1] Inferential statistical analysis infers properties of a population, for example by testing hypotheses and deriving estimates. It is assumed that the observed data set is sampled from a larger population.
Modeling and simulation (M&S) is the use of models (e.g., physical, mathematical, behavioral, or logical representation of a system, entity, phenomenon, or process) as a basis for simulations to develop data utilized for managerial or technical decision making. [1][2] In the computer application of modeling and simulation a computer is used to ...
Simulation-based optimization. Simulation-based optimization (also known as simply simulation optimization) integrates optimization techniques into simulation modeling and analysis. Because of the complexity of the simulation, the objective function may become difficult and expensive to evaluate. Usually, the underlying simulation model is ...
Stochastic simulation. A stochastic simulation is a simulation of a system that has variables that can change stochastically (randomly) with individual probabilities. [1] Realizations of these random variables are generated and inserted into a model of the system. Outputs of the model are recorded, and then the process is repeated with a new ...
Computational statistics, or statistical computing, is the study which is the intersection of statistics and computer science, and refers to the statistical methods that are enabled by using computational methods. It is the area of computational science (or scientific computing) specific to the mathematical science of statistics.