This article introduces an innovative approach of risk and opportunity management to help managers in their decision-making processes. The proposed “physics of decision” approach enables managers to deal with the considered system’s performance trajectory by viewing and assessing the impact of potentialities (risks and opportunities).
The storage of electrical energy is becoming increasingly important to satisfy the demand through renewable energy sources. In this paper, a continuous and discrete simulation of a pumped thermal energy storage (PTES) system are compared with respect to their computational time and accuracy.
The COVID-19 pandemic is an unprecedented public health and economic crisis, that dramatically impacted different industries, and presented an unforeseen challenge to the automotive industry and its supply chain. Researchers modeled a system dynamics simulation to demonstrate the behavior of a multi-echelon supply chain responding to different end market scenarios.
Environmental sustainability is among the key concerns of our time. This study uses a multimethod simulation model to assess the impact of different e-grocery fulfillment strategies alongside the entire supply chain on sustainability metrics.
In this paper, researchers developed a discrete event simulation model of a Dutch phone and subscription retailer's queueing system. The goal of simulation modeling was to learn what improvements can be suggested to reduce the waiting time in shops.
This article focuses on the simulation model that was developed for Sibanye-Stillwater’s underground platinum mining operations in Nye, MT. The model was designed to help the mining company understand how bottlenecks move through their operations, to help identify which resources are constraining underground mining production increases, and to understand where capital investments are needed in backfill operations.
In the last few years, there has been an increase in accidents involving pedestrians in the Mexico City subway. A proposed solution is to install physical barriers between platforms and tracks. The research team built an agent-based pedestrian flow simulation model to prove the effectiveness of such barriers.
The Regional Biorefinery Impact Assessment (REBIA) simulation tool allows easy impact assessment for waste stream sources and biorefinery locations. REBIA is based on a supply chain model, where waste is transported via the road network from its various sources to the biorefinery.