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

Static modeling page 142

Explores a situation at a single ‘steady’ instant (state).

Assumes the context of the problem is unvarying – or that it can be assumed to be so for simplicity.

Takes a snapshot of the situation - everything occurs at a single interval. For eg a decision to make a certain product is static, quarterly or annual income statement is static.

Static decision making are presumed to repeat with identical conditions.

Dynamic behaviour can be represented by multiple trials of the static model at separate moments.