A computer-assisted method of developing three-dimensional designs, crucial for the engineering and architectural professions, allowing designs to be tested under simulated real-time conditions without building physical models.
A decision model is a mathematical simulation of the variables and elements inherent in business decisions, aimed at achieving the objectives of an organization by analyzing the relationships and constraints among those variables.
A financial modeling technique that considers the likely outcomes of different hypothetical circumstances. Uncertainty may be modeled by the use of random numbers, as in a *Monte Carlo simulation* or worst cases by the use of *stress testing*.
Statistical modeling refers to the process of applying statistical analysis to a set of data in order to identify patterns, understand relationships, and make predictions.
