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9 Cards in this Set

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A ______ model is one whose behavior is entirely predictable. Every set of variable states is uniquely determined by parameters in the model and by sets of previous states of these variables. Therefore, these models perform the same way for a given set of initial conditions, and it is possible to predict precisely what will happen.

deterministic

A ________ model is one in which randomness is present, and variable states are not described by unique values, but rather by probability distributions. The behavior of this model cannot be entirely predicted.

stochastic

A _______ model does not account for the element of time. In this type of model, a simulation will give us a snapshot at a single point in time.

static

A _______ model does account for the element of time. This type of model often contains state variables that change over time.

dynamic

A _______ model does not take into account the function of time. The state variables change only at a countable number of points in time, abruptly from one state to another.

discrete

A ______ model does take into account the function of time, typically by modelling a function f(t) and the changes reflected over time intervals. The state variables change in an unbroken way through an infinite number of states.

continuous

If you are using differential equations to model a simulation, are you more likely to be doing a discrete or continuous model?

Continuous

Let's say you run a stochastic simulation 100 times. How many times do you need to run the simulation again to get the same result?

None will necessarily give you the same result.

Which modelling system would be best to model a bank account?

Either discrete or continuous would work, depending on the specifics of the model you wish to use.