Simulation is a way to model random events, such that simulated outcomes closely match real-world outcomes. By observing simulated outcomes, researchers gain insight on the real world.
Why use simulation?
Some situations do not lend themselves to precise mathematical treatment. Others may be difficult, time-consuming, or expensive to analyze. In these situations, simulation may approximate real-world results; yet, require less time, effort, and/or money than other approaches.
How to Conduct a Simulation
Courtesy of Sophia Learning I found a great video to show this.
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