Simulation. Modeling the behavior of complex systems, often used for forecasting, Simulation. Modeling the behavior of complex systems, often used for forecasting, predicting and scenario planning. Monte Carlo simulations, for example, are a class of algorithms that rely on repeated random sampling, i.e., running thousands of simulations, each based on different assumptions. The result is a histogram that gives a probability distribution of outcomes. One application is assessing the likelihood of meeting financial targets given uncertainties about the success of various initiatives. Neural networks. Computational models, inspired by the structure and workings of biological neural networks (i.e., the cells and connections within a brain), that find patterns in data. Neural networks are well-suited for finding nonlinear patterns. They can be used for pattern recognition and optimization. Some neural network applications involve supervised learning and others involve unsupervised learning. Examples of applications include identifying high-value customers that are at risk of leaving a particular company and identifying fraudulent insurance claims.
Posted on: Wed, 21 Aug 2013 01:35:14 +0000
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