Modeling 3: Modeling and Simulation Today

Today’s business planners have at their disposal an entire discipline that is widely practiced, known as Operations Research. The methodologies my group use draw heavily upon the Operations Research methodologies, and so you will see much of that on my blog. Quantitative Risk Analysis and Quantitative Forecasting are, essentially, mathematical modeling of business processes. The cost of modeling and computer simulation is well within the reach of managers with modest resources. In addition, the cost of a bad system or bad decision (particularly in the Security industry) is significantly greater than it was 30 years ago. Given these facts, modeling and simulation are emerging as viable, even necessary tools for the modern manager.