In this paper, we will cover different approaches for modeling and analyzing business strategies, determine how to develop an optimal business strategy, and explain why simulation modeling is the best approach to address these kinds of challenges.
Multimethod Simulation Modeling for Business Applications: Overview with Guided Model Building Example
In this paper, we cover the different approaches to simulation modeling and define multimethod (also called hybrid) modeling. Moving from theory to practice, we will build a multimethod simulation model example, analyze it, and find a solution to the most common issue for novice modelers: how to choose the most appropriate modeling method or combination of methods to meet your challenge and purpose.
Competition is driving businesses to adopt digital twins. What are they, why are they needed, and how can they be developed? To understand the benefits of a digital twin, it is necessary to understand the possibilities they present. This paper will examine their characteristics and construction, the problems of producing a good digital twin, and, with examples, show their value.
“ORMS Today” journal, published by a global institute of operational management and analytics “INFORMS”, completed a detailed simulation software comparison of popular competitor tools for discrete event modeling. In 2017 this simulation software survey was supported by 38 developers with 45 tools. Data used in the research was kindly presented by the developers themselves. The document contains the list of competing simulation software features, such as 3D animation support, import of CAD charts, export of ready-to-use models, and more.