Data-Driven Simulation-Based Analytics

Data-Driven Simulation-Based Analytics

Durai Sundaramoorthi (Washington University in St. Louis, USA)
Copyright: © 2014 |Pages: 13
DOI: 10.4018/978-1-4666-5202-6.ch063
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Background

There are two major components in data-driven simulation-based analytics: data mining and simulation. In this section, a brief literature review on these topics and developments in nurse planning and S&P500 prediction are provided.

Key Terms in this Chapter

System Dynamics: Complex interdependencies of parameters and order of events.

Data-Driven Simulation-Based Analytics: Making predictions, performance evaluations, comparisons, and optimal decisions based on data-driven simulations.

Data-Driven: Based on mathematical and logical knowledge extracted from data.

Big-Data: A collection of data sets those are not easy to store, access, and learn from.

Order of Events: The logical sequence of activities in a simulation model.

Dynamic System: Longitudinal evolution of system dynamics.

Analytics: Application of data mining and operations research for predictions, performance evaluations, comparisons, and optimal decision making.

Parameter: A constant which defines the form or logic of a system.

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