Lecture J3 (2025-11-13): Estimation of Absolute Performance, Part III (Non-Terminating Systems/Steady-State Simulations)

In this lecture, we start by further reviewing confidence intervals (where they come from and what they mean) and prediction intervals and then use them to motivate a simpler way to determine how many replications are needed in a simulation study (focusing first on transient simulations of terminating systems). We then shift our attention to steady-state simulations of non-terminating systems and…