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We develop a model to predict the performance of synchronous discrete event simulation. Our model considers the two most important factors for the performance of synchronous simulation: load balancing and communication. The effect of load balancing in a synchronous simulation is computed using probability distribution models. We derive a formula that computes the cost of synchronous simulation by combining a communication model called LogGP and computation granularity. Even though the formula is simple, it is effective in capturing the most important factors for the synchronous simulation. The formula helps us to predict the maximum speed up achievable by synchronous simulation. In order to examine the prediction model, we have simulated several large ISCAS logic circuits and a simple PCS network simulation on an SGI Origin 2000 and Terascale Computing System (TCS) at the Pittsburgh Supercomputing Center. The results of the experiment show that our performance model accurately predicts the performance of synchronous simulation. The performance model developed is used to analyze the effect of several factors that may improve the performance of synchronous simulation. The factors include problem size, load balancing, granularity, communication overhead, and partitioning.