1. A method for determining characteristics of a coiled tubing deployed in a wellbore formed in a formation, comprising: positioning a sensor within the wellbore along with the coiled tubing, wherein the sensor generates a feedback signal representing a downhole parameter measured by the sensor; generating a pre-defined value for a coefficient of friction between the coiled tubing and the wellbore; generating a simulated model including a parameter representing an apparent coefficient of friction between the coiled tubing and the wellbore, the simulated model representing forces acting on the coiled tubing, wherein the simulated model is derived from at least the downhole feedback signal; comparing a value of the parameter representing the apparent coefficient of friction between the coiled tubing and the wellbore to the pre-defined value; adjusting the pre-defined value to substantially match the value of the parameter representing the apparent coefficient of friction between the coiled tubing and the wellbore of the simulated model; generating and analyzing the simulated model in real-time to determine a change affecting deployment of the coiled tubing; and controlling the deployment of the coiled tubing in response to the analysis of the simulated model.