Multimethod Simulation Modeling
The idea of multimethod modeling is simple: to seamlessly integrate different methods of modeling and simulation to overcome the drawbacks of individual approaches and get the most from each one. Combining different methods leads to efficient and manageable models without using workarounds.
There are three major methodologies used to build dynamic business simulation models: system dynamics, discrete event modeling, and agent based modeling.
The system dynamics method assumes a high abstraction level and is primarily used for strategic level problems, such as market adoption rates and social process dependency.
Discrete event modeling is mainly used at operational and tactical levels, like manufacturing processes and equipment investment evaluation.
Agent-based models are used at all levels, with the agents possibly being any active entity. Example applications include supply chain optimization and epidemiology.
In our white paper, Multimethod Simulation Modeling for Business Applications, we investigate these three main simulation modeling approaches and construct a multimethod model example to illustrate the advantages of multimethod simulation modeling. Read the white paper and see why hybrid models are always a better choice!
Read the white paper