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In this paper we discuss validation and verification of simulation models. Four different approaches to deciding model validity are described; two different paradigms that relate validation and verification to the model development process are presented; various validation techniques are defined; conceptual model validity, model verification, operational validity, and data validity are discussed; a way to document results is given; a recommended procedure for model validation is presented; and accreditation is briefly discussed.
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Robert G. Sargent (2005) studied this question.