What is a 'static' model?

Sean O'Sullivan: You might use a static model a vast number of times. Sep 29, 2009 1:10:53 PM EST
Sean O'Sullivan: If you have a still camera and a movie camera, which will produce a static model? Sep 29, 2009 1:12:19 PM EST
JENNIFER MCCOWATT: still camera Sep 29, 2009 1:12:27 PM EST
Sean O'Sullivan: Corect, but why do you think this is so? Sep 29, 2009 1:12:49 PM EST
Sean O'Sullivan: corect = correct Sep 29, 2009 1:12:58 PM EST
JENNIFER MCCOWATT: Because it is one shot. Many shots would produce dynamic Sep 29, 2009 1:13:23 PM EST
Sean O'Sullivan: yes a static model represents a single 'snapshot' of the problem with a sepfied set of inputs and conditions. 'What will the monthly payments on my home loan be if I borrow $100,000 for 20 years at a fixed interest rate of 4%?' Sep 29, 2009 1:15:47 PM EST
Sean O'Sullivan: sepfied = specified Sep 29, 2009 1:16:09 PM EST
Sean O'Sullivan: And I could use the same static model again but with a different set of inputs and conditions ..".What will the monthly payments on my home loan be if I borrow $200,000 for 15 years at a fixed interest rate of 3.5%? Sep 29, 2009 1:17:25 PM EST
If you have a still camera and a movie camera, which will produce a dynamic model? Sep 29, 2009 1:17:51 PM EST
JENNIFER MCCOWATT: the movie camera Sep 29, 2009 1:17:59 PM EST
Sean O'Sullivan: Yes -- "Many shots would produce dynamic" -- Dynamic models are usually (but not always) associated with time. Sep 29, 2009 1:19:38 PM EST
JENNIFER MCCOWATT: Right Sep 29, 2009 1:20:34 PM EST
Sean O'Sullivan: Particulary if the problem involves inputs and conditions that do or might change with time. Sep 29, 2009 1:20:42 PM EST
JENNIFER MCCOWATT: Like a variable interest rate? Sep 29, 2009 1:21:07 PM EST
Sean O'Sullivan: Good example, and the dynamic model for such a problem would have to include some way to model the variation in the interest rate. Sep 29, 2009 1:22:25 PM EST

Dynamic modeling

Explores a situation as it varies over time.

• Models changing situations and varying conditions
• Outcomes are time dependent (they may vary with time)
• Explores the impact of trends in the driving variables

Represents scenarios that change over time. year profit and loss projection in which the input data, such as costs and prices and quantities, change from year to year..

Time dependant : How may checkouts should be open in the supermarket.
Demands forecasted over time
Dynamic simulation
use, represent, generate trends and patterns over time