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TopBackground
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.