5.5 Summary

In this chapter, we explored how to develop models in for which time is not a significant factor. In the case of the news vendor problem, where we simulated each day’s demand, time advanced at regular intervals. In the case of the area estimation problem, time was not a factor in the simulation. These types of simulation experiments are often termed static. In the next chapter, we begin our exploration of simulation experiments where time is an integral component in driving the behavior of the system. In addition, we will see that time will not necessarily advance at regular intervals (e.g. hour 1, hour 2, etc.). This will be the focus of the rest of the book.