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Constructing the Model
Steps:
1) Identify the objectives of the simulation (A detailed listing of the results expected will help to clarify the output variables.
2) Recognize the input variables. Differentiate among controlled and non-controlled variables.
3) Where necessary determine the probability distribution
4) Identify any parameters and status variables
5) Identify the output variables
6) Determine the logic of the model
Note:
The key questions are how the input variables changed into output results is, what formulae/decision rules are required? How will the probabilistic elements be deal with? How must the outcomes be presented?
After going through this section, you must be capable to: Know the need for establishing sound credit policy; Identify the different credit policy variables; Know the cred
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Optimum Solution From the stand point of implementing the LP solution, the mathematical classification of the variables as basic and non-basic is of no importance and should be
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