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Posts Tagged ‘Modeling’

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This digital document is an article from Indiana Business Magazine, published by Thomson Gale on October 1, 2005. The length of the article is 552 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

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Title: Crystal ball of health car… More >>

Crystal ball of health care? Can predictive modeling help lower costs?: An article from: Indiana Business Magazine

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The update to the second edition of Management Science: The Art of Modeling with Spreadsheets by Steve Powell and Ken Baker is revised to be compatible with Microsoft Excel 2007. Like the original second edition, the text expands upon the essential skills needed to develop real expertise in business modeling.  In principle, two students could work side by side in a course, one using the Second Edition and relying on Excel 2003, the other using the Update E… More >>

Management Science: The Art of Modeling with Spreadsheets, Excel 2007 Update

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This completely revised and updated edition of Applied Risk Analysis includes new case studies in modeling risk and uncertainty as well as a new risk analysis CD-ROM prepared by Dr. Mun. On the CD-ROM you’ll find his Risk Simulator and Real Options Super Lattice Solver software as well as many useful spreadsheet models. “Johnathan Mun’s book is a sparkling jewel in my finance library. Mun demonstrates a deep understanding of the underlying mathematical… More >>

Modeling Risk: Applying Monte Carlo Simulation, Real Options Analysis, Forecasting, and Optimization Techniques

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Probability, Markov Chains, Queues, and Simulation provides a modern and authoritative treatment of the mathematical processes that underlie performance modeling. The detailed explanations of mathematical derivations and numerous illustrative examples make this textbook readily accessible to graduate and advanced undergraduate students taking courses in which stochastic processes play a fundamental role. The textbook is relevant to a wide variety of fields, includin… More >>

Probability, Markov Chains, Queues, and Simulation: The Mathematical Basis of Performance Modeling

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Cliff Ragsdale is an innovator of the spreadsheet teaching revolution and is highly regarded in the field of management science. The revised fifth edition of SPREADSHEET MODELING AND DECISION ANALYSIS retains the elements and philosophy that has made its past editions so successful. New topics have been added as well as examples that are relevant to decision making in today’s business world. This version of SPREADSHEET MODELING AND DECISION ANALYSIS has been updat… More >>

Spreadsheet Modeling & Decision Analysis: A Practical Introduction to Management Science, Revised

Six Sigma has become a buzzword in industry circles since its introduction in the 1990′s. The methodology is based on a disciplined and data driven approach and is used for eliminating defects and achieving near perfection by restricting the number of possible defects to less than 3.4 defects per million. It is being used effectively for managing processes of both, manufacturing and services industry. In the manufacturing industry, it is used for limiting defects in the goods produced whereas in the services sector it is used mainly for reducing transactional errors.

What Is Process Simulation And Modeling?

Simulation software based on Six Sigma methodologies can be used for simulating a wide range of processes in order to eliminate common industry problems related to defects, wastage of productive resources, and quality control. The basic idea governing Six Sigma process simulation is to provide an accurate system of measuring defects in a process, so that these can be eliminated during the actual production. The emphasis is on measurement and statistics for ensuring that the process is properly set up and measured. The methodology is also used for measuring baseline performance, which helps predict the effects of any improvements made in the process. Proper application of Six Sigma methodologies leads to tangible improvements effected by decisions that have been explored and proven in detail.

Scope

The Six Sigma philosophy covers different aspects of industrial processes ranging from pure defect management to process performance improvement. With the increasing use of Six Sigma methodologies, it has become widely accepted that process simulation and modeling techniques can be used for improving almost any type of manufacturing or transactional process. Most of the process simulation and modeling techniques are based on DMAIC (Define, Measure, Analyze, Improve, Control). In the ‘Define’ phase, the process simulation techniques are used for identifying the changes that would have made the most impact on the outcome. This helps in making the most appropriate changes. Various simulation tools are used throughout the other phases for providing detailed statistical data on the effect of any proposed changes related to throughput, utilization, delays, service levels, and any other factors related to the process.

How The Simulation Model Works

-The simulation software coverts numerical data into graphic representations, which are relatively easier to understand.
-Commercial companies that specialize in providing Six Sigma services offer customized services, wherein the simulation model is an exact replica including all the elements used in the actual process such as machines, labor, conveyor and belts.
-All these elements are represented by icons and once they are in place, one can define the link between these elements, establish the process flow, and add as much detail as possible for simulating the actual process more accurately and more effectively.
-After setting up the simulation, one can simulate an infinite number of hypothetical scenarios both positive and negative that might affect the process. For example with the help of simulation, a manager can know exactly what will happen if a crucial machining tool breaks down or half the labor force does not turn up for work.
-All these factors can severely affect production. However if the extent of potential damage is known beforehand, appropriate contingency plans can be put in place for restricting or even eliminating the possible loss of production.

Process simulation and modeling techniques help executives make informed decisions. The data generated by the simulation tools empowers decision makers with a deep insight about the process and procedures, allowing them the ability to make the necessary changes.

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Valuable software, realistic examples, and fascinating topics . . . everything you need to master the most widely used management science techniques using Microsoft® Excel™ is right here! Learning to make decisions in today’s business world takes training and experience. Cliff Ragsdale–the respected innovator in the field of management science–is an outstanding guide to help you learn the skills you need, use Microsoft Excel for Windows to implement those skill… More >>

Spreadsheet Modeling and Decision Analysis

Early action, especially rapid rollout of vaccines, is extremely effective in reducing the attack rate of the H1N1 influenza virus, according to a simulation model of a pandemic outbreak.

View full post on ScienceDaily: Mathematical Modeling News

A team of scientists have demonstrated — for the first time — that mathematical models created from data obtained by DNA microarrays, can be used to correctly predict previously unknown cellular mechanisms. This brings biologists a step closer to one day being able to understand and control the inner workings of the cell as readily as NASA engineers plot the trajectories of spacecraft today.

View full post on ScienceDaily: Mathematical Modeling News