Simulation is a process of designing a model to resemble a real world situation to represent the same real world situation. It is used to find an estimate of the overall effect of particular actions by repeating an experiment many number of times. It is mainly used when the problem under a research study is too complex to be solved or analyzed by the use of standard analytical methods or quantitative optimization techniques. In general, it involves developing a model of some life situation and then performing experiments on the model developed.
Main advantages of simulation:
Main limitations of simulation:
The Monte-Carlo method is a simulation technique involves creating a suitable statistical distribution function by using series of random numbers. According to the theory of random numbers, each number used in such statistical distribution function has an equal opportunity of being selected. The random numbers can be generated in many number of ways, such as tossing an unbiased coin or die, using a published random number table, and some advanced method. However, random numbers produced by some method may not be actually random in nature and such random numbers are called Pseudo-Random-Numbers.
Steps to be followed while performing Monte-Carlo simulation are given as follows:
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