Modeling and simulation is the development of data by creating a representation of a process, activity, or engineering problem that can be executed by a computer. The abstraction representation is modeling, and the execution upon the computer is simulation. Modeling is the formal specification of a conceptualization and underlying assumptions and constraints. This process involves creating a working hypothesis and ensuring that the question one is asking of the model can be answered by a simulation. Simulation is a tool for probing how changes in various inputs would change the outputs. Specifically, simulation enables you to trace the cause to effect and allows you to generate explanations for decisions.

When implementing far reaching changes across an enterprise, it is important to minimize risk, and modeling and simulation is one way to see how changes can affect business processes and organizational dynamics. Modeling and simulations can also be used in competitive intelligence and new product rollouts.

Business Value 

Modeling and simulation can add a great deal of value in any industry. At any time, there is a level of fluidity in the competitive environment, and the business that has the best understanding of what may happen is the one which will have a competitive edge. In internal environments, modeling and simulation can help to convince people of the necessity of change to improve processes and cut down on the time taken completing tasks. Modeling and simulation is an integral part of any risk management system and should be used to ensure that as many contingencies are considered as possible.

Iknow has deep expertise in all aspects of modeling and simulations from initial requirements gathering, to data gathering, to creating hypotheses, to conceptualizing the problem or activity, to selection and deployment of a modeling and simulation technology. This software can be implemented with business intelligence, business process management, and data visualization. Typical modeling and simulation projects include understanding changes in the competitive environment and in the internal environment.