Explain or predict: simulation

Some time ago, when I presented the “explain or predict” work, my colleague Avi Gal asked where simulation falls. Simulation is a key method in operations research, as well as in statistics. A related question arose in my mind when thinking of Scott Nestler‘s distinction between descriptive/predictive/prescriptive analytics. Scott defines prescriptive analytics as “what should happen in the future? (optimization, simulation)“. So where does simulation fall? Does it fall in a completely different goal category, or can it be part of the explain/predict/describe framework? My opinion is that simulation, like other data analytics techniques, does not define a goal in … Continue reading Explain or predict: simulation