Information Systems homework help.
Lay-Yee, and Cotterell contend that microsimulation may come in various types. Examples that they provided are along the dimensions of arithmetical or behavioral, and static or dynamic. It has its own distinctive model-building process that relies on empirical data and derived parameters with an insertion of the chance to simulate realistic distributions.
Q1). Utilities of microsimulation for policy development relies in their abilities to do what? Identify what microsimulation for policy-development relies upon
Q2). Looking through the chapter, the authors have identified five non-sequential and unique steps that must be followed when building a microsimulation model (Caro et al., 2012; Cassells et al., 2006; Zaidi and Rake, 2001).
what are the five (5) steps?
provide a brief narrative for each step to support your response,
250 words total