Modelling is a mathematical representation of a real system to see how it will behave. (In ICT)
Simulations are models of real systems that also use mathematical formulae to predict what might happen in the future.
The advantages of modelling and simulations are:
-Lots of varieties of scenarios can be tried in advance
-It guarantee the safety and prevent the accidents, especially when we are constructing
The disadvantages of modelling and simulations are:
-They can be expensive to run and it should be using the certain software
-If we don’t simulate very accurately, in the real situation there might be an accident
The examples for the simulation are:
- Traffic lights
- Flight
- Constructing buildings
This is a video clip for simulation of traffic lights, it’s quite a long video clip but you don’t need to watch ’till the end. You can just get the idea of the simulation by watching couple of minutes.
Financial modelling is basically about the money. It’s to plan how will you use your money and checking the profit and loss. So you can control the usage of the money. Nowadays, we can simply to excel (spreadsheet) to do so. Financial modelling is not only using for the individual use, it can be used for the shops, restaurants or the people who are running businesses.
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