Related Research Articles
Risk management is the identification, evaluation, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.
A simulation is an approximate imitation of the operation of a process or system; that represents its operation over time.
A decision tree is a decision support tool that uses a tree-like model of decisions and their possible consequences, including chance event outcomes, resource costs, and utility. It is one way to display an algorithm that only contains conditional control statements.
A decision support system (DSS) is an information system that supports business or organizational decision-making activities. DSSs serve the management, operations and planning levels of an organization and help people make decisions about problems that may be rapidly changing and not easily specified in advance—i.e. unstructured and semi-structured decision problems. Decision support systems can be either fully computerized or human-powered, or a combination of both.
Mathematical statistics is the application of probability theory, a branch of mathematics, to statistics, as opposed to techniques for collecting statistical data. Specific mathematical techniques which are used for this include mathematical analysis, linear algebra, stochastic analysis, differential equations, and measure theory.
Predictive modeling uses statistics to predict outcomes. Most often the event one wants to predict is in the future, but predictive modelling can be applied to any type of unknown event, regardless of when it occurred. For example, predictive models are often used to detect crimes and identify suspects, after the crime has taken place.
Business simulation is simulation used for business training, education or analysis. It can be scenario-based or numeric-based.
Predictive analytics encompasses a variety of statistical techniques from data mining, predictive modelling, and machine learning, that analyze current and historical facts to make predictions about future or otherwise unknown events.
Business simulation games, also known as economic simulation games or tycoon games, are games that focus on the management of economic processes, usually in the form of a business. Pure business simulations have been described as construction and management simulations without a construction element, and can thus be called management simulations. Indeed, micromanagement is often emphasized in these kinds of games. They are essentially numeric, but try to hold the player's attention by using creative graphics. The interest in these games lies in accurate simulation of real-world events using algorithms, as well as the close tying of players' actions to expected or plausible consequences and outcomes. An important facet of economic simulations is the emergence of artificial systems, gameplay and structures.
Acquisition Initiation is the initial process within the Information Services Procurement Library (ISPL) and is executed by a customer organization intending to procure Information Services. The process is composed of two main activities: the making of the acquisition goal definition and the making of the acquisition planning. During the acquisition initiation, an iterative process arises in which questions about the goal of the acquisition are usually asked. In response to these questions the Library provides details of the requirements, covering areas such as cost, feasibility and timelines. An example of such requirements is the "planning of the acquisition", a component that may also lead to more questions about the acquisition goal.
Strategic planning software is a category of software that covers a wide range of strategic topics, methodologies, modeling and reporting.
A risk register (PRINCE2) is a document used as a risk management tool and to fulfill regulatory compliance acting as a repository for all risks identified and includes additional information about each risk, e.g. nature of the risk, reference and owner, mitigation measures. It can be displayed as a scatterplot or as a table.
Organizational engineering (OE) is a form of organizational development. It was created by Gary Salton of Professional Communications, Inc. It has been developing continuously since 1994 on both theoretical and applied levels.
Event chain methodology is a network analysis technique that is focused on identifying and managing events and relationship between them that affect project schedules. It is an uncertainty modeling schedule technique. Event chain methodology is an extension of quantitative project risk analysis with Monte Carlo simulations. It is the next advance beyond critical path method and critical chain project management. Event chain methodology tries to mitigate the effect of motivational and cognitive biases in estimating and scheduling. It improves accuracy of risk assessment and helps to generate more realistic risk adjusted project schedules.
Electrical power system simulation involves power system modeling and network simulation in order to analyze electrical power systems using design/offline or real-time data. Power system simulation software's are a class of computer simulation programs that focus on the operation of electrical power systems. These types of computer programs are used in a wide range of planning and operational situations for:
- Electric power generation - Nuclear, Conventional, Renewable
- Commercial facilities
- Utility transmission
- Utility distribution
- Railway power systems
- Industrial power systems
A glossary of terms relating to project management and consulting.
An instructional simulation, also called an educational simulation, is a simulation of some type of reality but which also includes instructional elements that help a learner explore, navigate or obtain more information about that system or environment that cannot generally be acquired from mere experimentation. Instructional simulations are typically goal oriented and focus learners on specific facts, concepts, or applications of the system or environment. Today, most universities make lifelong learning possible by offering a virtual learning environment (VLE). Not only can users access learning at different times in their lives, but they can also immerse themselves in learning without physically moving to a learning facility, or interact face to face with an instructor in real time. Such VLEs vary widely in interactivity and scope. For example, there are virtual classes, virtual labs, virtual programs, virtual library, virtual training, etc. Researchers have classified VLE in 4 types:
The ADMS is an emergency and disaster management training simulation system designed to train incident commanders, first responders, and incident command teams in a real-time, interactive virtual reality environment. ADMS was first introduced by Environmental Tectonics Corporation (ETCC:US) in 1992. The development of ADMS was in response to the crash of British Airtours Flight 28M at the Manchester airport in 1985, in which 55 people died. Following the accident research indicated that first responder training should include realistic scenarios. The first ADMS system was produced for the UK Ministry of Defence, and delivered to Royal Air Force's (RAF) Manston Facility. Since its inception, ADMS has evolved into a modular, expandable disaster simulation platform, with systems in use worldwide.
In business, training simulation is a virtual medium through which various types of skills can be acquired. Training simulations can be used in a variety of genres; however they are most commonly used in corporate situations to improve business awareness and management skills. They are also common in academic environments as an integrated part of a business or management course.
Project team builder (PTB) is a project management simulation tool developed for training and teaching the concepts of project management and for improving project decision making. A number of published books and academic papers are based on the PTB and its predecessors. The PTB won the Project Management Institute Professional Development Product of the Year Award. The PTB is used in universities and business organizations around the world. The simulator is based on an approach that separates the simulation engine from the scenario editor and allows each user to simulate any project. The simulation engine simulates the dynamic stochastic nature of modern projects. The design of the PTB supports the system engineering approach to Problem solving as each scenario presents the requirements, the alternatives that can be selected and the constraints imposed on the solution. The user has to trade off the cost, schedule, risk, and benefits to the stake holders and to find a feasible, robust, good solution for the scenario. The solution is then simulated by the simulation engine while the trainee exercises monitoring and control throughout the execution. A planned project can be simulated using Monte Carlo simulation. This is done in automatic mode and shows the probability to finish the project at any time period or at any cost. Furthermore, based on the Monte Carlo simulation the probability of each activity to be on the critical path is estimated. The Monte Carlo analysis supports risk analysis and decision making. Another characteristic of the simulator is the ability to save points in the history of each run for future analysis or even for testing a different solution from any of the points saved.
References
- 1 2 Salas, E., Wildman, J. L., Piccolo, R. F. (2009). "Using simulation-based training to enhance management Education", Academy of Management Learning & Education, 8, 559–573.
- ↑ Nembhard, D., K. Yip and A. Shtub, "Comparing Competitive and Cooperative Strategies for Learning Project Management" April, 2009, International Journal of Engineering Education, 181–192