Lesson 0: IFs Vocabulary
Forecast: An unfolding (from many possible) of future events. IFs uses mathematical relationships between parameters and variables based on historic evidence in order to dynamically create alternative forecasts.
Parameter: A numerical element of the relationship between two or more variables. These are inputs to the model specified by users.
Variable: A variable is a concept that is computed within the model and that varies over time. The model contains equations that compute the value of a variable at any given time as a function of other variables and/or parameters. These are outputs from the model.
This flow-chart represents the relationship between the next five terms defined below. Note the relationship of each of the following concepts. This structure is decisive to the use of IFs.
