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Sample Essay on Differences between Simulation Models and Other Models

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Sample Essay on Differences between Simulation Models and Other Models
Response 1

Under quantitative analysis, different models are discussed. These models include regression, forecasting, inventory control, linear programming, transportation, assignment and network, waiting lines and queuing theory models and lastly, simulation models (Anderson et al., 2011).

Regression model is used to represent relationship between various variables such as the education level and income of an individual, house price and the space, sales made and the advertising cost and even in determining business location. Forecasting models, on the other hand, help managers make plans while reducing uncertainties by obtaining results that are more accurate. Inventory control models are used by decision makers to produce the required number of inventory, this will reduce the cost of production and limit cases of customer dissatisfaction due to lack of inventory (Anderson et al., 2011).

Linear programming models are used by managers in order to make effective use of the available resources in the company. Transportation, assignment, and network model is closely related to LP model in that it looks at how the available resources relate and affect one another in the areas of transportation, shipment, assignment, shortage problems among others. Waiting lines and queuing theory models are used by managers to examine the cost of various service systems in the company and how effective these systems are (Anderson et al., 2011). Simulation models however, are used to solve almost all of the above problems. They have been widely used in place of other models due to their high efficiency level.

 

Response 2

Computing a simple linear regression model involves establishing the relationship between the dependent variables and the independent variables .Forecasting model is computed by finding out the error (Et=Yt-Ft).Where E is the forecast error of period of time(t),Y=actual value after the period, F= the forecast for that period(Barry et al., 2015).

Linear programming model involves establishing the maximum number of the expected number and the minimum number (Barry et al., 2015).Transportation, assignment, and network model involves evaluating the number of shipments from the source to the destination

Waiting line and queuing model involves determining the relationship between the distribution of arrival time, distribution of the time taken to offer the service and the number of channels that offer service. Simulation models involves establishing distribution of necessary variables, setting up likely distribution, establishing a random period of their occurrence, producing numbers that occur randomly and then simulating the series of events(Barry  et al., 2015).

 

 

 


References

Anderson, D., Sweeney, D., Williams, T., Camm, J., & Martin, R. (2011). An Introduction to Management Science: Quantitative Approaches to Decision Making, Revised. Cengage Learning.

 

Barry, R., Ralph, M.S. Jr., Michael, E.H., Trevor, S. H. (Eds.). (2015).Quantitative analysis and management. New Jersey. Pearson Inc

 

 

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