Researchers typically assume that competitive intensity is invariant when the demand and cost conditions change. With this assumption, an increase in demand or cost will cause prices to increase. It introduces the notion of time-varying competition to the marketing literature by modeling the indirect effects of demand and cost variables...
A systematic procedure of module-based modeling is designed and proposed to develop a simulation of any flow type multistage manufacturing system adopting especially the dual-card Kanban system. First, functional analysis is performed to present kanban flows exactly in the same fashion in a simulation model as they are actually appeared...
This paper describes an importance sampling method that provides substantial speed up for computing economic capital, the rare event quantile of the loss distribution that must be held in reserve by a lending institution for solvency. The method, based solely on correlation information, provides accuracy in the tail while maintaining...
This paper examines the principles behind contemporary approaches to insurance risk management. Furthermore, the paper considers various methodologies, some successful, that have been or are currently employed to implement those principles. The paper presents the illustration of these with several specific studies that show the identification, using simulation, of close-to-optimal...
This paper gives a description of architecture for internet mediated simulation games. A Java based implementation of the services which span the architecture resulted in a "ready to use" design of a simulation core and multiple remote user interfaces. The architecture presented in this paper shows the various possibilities for...
This research investigates how well Weibull, Gamma, and special bimodal distribution are suited as an alternative to the exponential distribution approach in the stochastic modeling of machine downtimes and times between failures. It also discusses the question whether sampling shop-floor data should not only include first order statistics, but also...
This paper introduces an enhanced version of the Simplified Discrete Event Simulation Approach SDESA by incorporating a concurrent interruptions model, which is intended to make construction simulations more realistic without compromising the simplicity of original SDESA. Particular emphasis is placed on how model the effects of operational interruptions upon the...
Computer-based business analysis relies on models, or algorithmic representations of the business process. Real-life business problems can become very complex, which creates difficulties in generation, analysis, testing, and the actual use of the models. The paper discusses a proposed solution: the visual modeling workflow. A diagram or a group of...
This paper analyzes the optimal choice of pricing schedules and technological deterrence levels in a market with digital piracy where sellers can influence the degree of piracy by implementing Digital Rights Management DRM systems. It is shown that a monopolist's optimal pricing schedule can be characterized as a simple combination...
This paper discusses about a large conglomerate such as a property/casualty insurance firm in this case, which can be divided along business boundaries. This division might be along commercial lines, homeowner lines and perhaps across countries. An insurance firm's capital can be interpreted as a buffer that protects the company...
This paper reports on the development of the Electric Power and Communication Synchronizing Simulator EPOCHS, a distributed simulation environment. Existing electric power simulation tools accurately model power systems of the past, which were controlled as large regional power pools without significant communication elements. However, as power systems increasingly turn to...
This paper focuses on the steps taken to minimize human error in simulation modeling in General Motors. While errors are costly and undesirable in any field, they are especially harmful in simulation which has been struggling to gain acceptance in the business world for a long time. The solution discussed...
Agent-based Modeling and Simulation ABMS is a relatively new development that has found extensive use in areas such as social sciences, economics, biology, ecology etc. Can ABMS be effectively used in finding answers to complex construction systems? The focus of this paper is to provide some answers to this question....
A large hospital utilized simulation to aid project leaders in advancing to the next level of sophistication with Six Sigma. The project produced an ongoing, workable model from which to simulate potential process improvements in their Emergency Department ED. Project leaders tested several scenarios in the ED Simulation to quantify...
The paper describes a number of applications of simulation methods to practical problems in finance and insurance. The first entails the simulation of a two-stage model of a property casualty insurance operation. The second application simulates the operation of an insurance regime for home equity conversion mortgages (also known as...
Simulation and optimization of business processes can provide a basis for Business Process Management. This paper explores how work flow performance can be improved through an approach that aligns the network architecture with an organization's business processes. Simulation is examined as a way to optimize this alignment. The paper considers...
One of the main challenges in the modeling of business problems is to provide the modeler and the user with meaningful visual tools. The business model is usually presented by different types of flow charts and diagrams. If the modeling process is simplified in how it is represented to the...
This paper describes the special purpose simulation template, which is based on the tower crane operations performed by PCL Constructors. On-site management of the tower crane resource is based on prioritized work tasks that need to be performed within a set period of time. Traditional SPS modeling techniques use 'relationship...
Process modeling of airline passenger processes from their arrival at the airport until they board their flight requires a model of the arrival process of passengers at the airport. The model of passenger arrival describes the varying arrival rate of passengers at the airport. This paper describes a method for...
Simulations study the interaction of random variables in a business process over time — how many customers might walk in the door at any moment, the return on an upcoming advertising campaign, the chance of your information system going down — and use the results to improve business policies. This...
