Modelling

Question 1

deterministic modelling

Answer 1

• mathematical models that produce the same output for a given set of inputs every time
• predictable and do not account for randomness or uncertainty
• based on a set of assumptions and use mathematical equations to predict the outcomes
• cost-effectiveness analysis, decision trees and markov models

Advanatages
- include simplicity , speed and ease of interpretation
They are also useful when dealing with situations that do not involve sig uncertainty or variation

Question 2

Stochastic modelling

Answer 2

• mathematical models that incorporate randomness and uncertainty into their calculations
• based on probability distribution and generate multiple outcomes for a given set of inputs
• Monet carlo simulations and discrete event simulations

Advanatages
- stochastic models include their ability to account for uncertainty and variation and provide a range of possible outcomes
- useful for modelling complex systems and interactions