Simulation in Business Situations
Introduction to Simulation
So far, we have looked at statistics that you perform on actual, real data that you have gathered.
On the other hand, simulation is a class of analysis based on hypothetical data that you make up, in order to study real life events and objects. This chapter explains this concept briefly, starting with an initial example.
Initial Example of a Simulation
To explain this concept of simulation with hypothetical made-up data, imagine you are an automobile company. You want to assess the production of a certain car, which is assembled on a production line on which employees and machines work in a given sequence of activities. There are various things you could change to improve the ...