Less Is More: Accuracy vs Prediction In Modeling

Introduction (By Susan Bachman, Coral Pipeline, & Marry Goodreau Stoner Associates Inc)

As computers have increased in speed and capacity, pipeline modeling software has kept pace. Modelers can simulate larger networks, and work on local personal computers instead of timeshare systems. Now, modelers can construct larger, more complex, more detailed, and precise models. Many modelers assume that building with more precision yields a more accurate model. Is this really true? Are these models any more accurate than the less detailed models of previous decades? Does the added precision (detail) improve hydraulic calculations? Could additional precision make the modeling process more difficult? What is the necessary level of detail?

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03. November 2009 by Miguel Barbosa
Categories: Curated Readings, Finance & Investing | Leave a comment

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