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Modelling vs Simulation
Vishwadeep Khatri posted a question in We ask and you answer! The best answer wins!
Q 650. Modelling and Simulation are terms that are used interchangeably. Compare the two and highlight their difference and similarities. Provide some use cases where they can be used. Note for website visitors - This platform hosts two weekly questions, one on Tuesday and the other on Friday. All previous questions can be found here: https://www.benchmarksixsigma.com/forum/lean-six-sigma-business-excellence-questions/. To participate in the current question, please visit the forum homepage at https://www.benchmarksixsigma.com/forum/. The question will be open until Tuesday or Friday at 5 PM Indian Standard Time, depending on the launch day. Responses will not be visible until they are reviewed, and only non-plagiarised answers with less than 5-10% plagiarism will be approved. If you are unsure about plagiarism, please check your answer using a plagiarism checker tool such as https://smallseotools.com/plagiarism-checker/ before submitting. All correct answers shall be published, and the top-rated answer will be displayed first. The author will receive an honorable mention in our Business Excellence dictionary at https://www.benchmarksixsigma.com/forum/business-excellence-dictionary-glossary/ along with the related term. Some people seem to be using AI platforms to find forum answers. This is a risky approach as AI responses are error prone as our questions are application-oriented (they are never straightforward). Have a look at this funny example - https://www.benchmarksixsigma.com/forum/topic/39458-using-ai-to-respond-to-forum-questions/ We also use an AI content detector at https://crossplag.com/ai-content-detector/. Only answers with less than 15-20% AI-generated content will be approved. -
Monte Carlo Simulation
Vishwadeep Khatri posted a question in We ask and you answer! The best answer wins!
Q 256. How does Monte Carlo Simulation help in Risk Management? Provide a few examples to explain your views. Note for website visitors - Two questions are asked every week on this platform. One on Tuesday and the other on Friday. All questions so far can be seen here - https://www.benchmarksixsigma.com/forum/lean-six-sigma-business-excellence-questions/ Please visit the forum home page at https://www.benchmarksixsigma.com/forum/ to respond to the latest question open till the next Tuesday/ Friday evening 5 PM as per Indian Standard Time. Questions launched on Tuesdaya are open till Friday and questions launched on Friday are open till Tuesday. The best answer is always shown at the top among responses and the author finds honorable mention in our Business Excellence dictionary at https://www.benchmarksixsigma.com/forum/business-excellence-dictionary-glossary/ along with the related term