Excerpt from the Portfolio Management Simulation, a simulation developed by the Department of Banking and Finance, https://www.gbl.uzh.ch/games/portfolio-management-simulation.
What is a Simulation?
A simulation is defined as a working representation of a real live situation which can be an abstracted, simplified, or accelerated model of process (Vogel et al. (2006)). The quality of a simulation is its fidelity to reality (Rieber (1996)).