Simulation Process, Theoretical Paradigm And Operational-Strategic Realy As Tool For Managerial Decision Making

Monica Viorica Nedelcu, Cosmin Octavian Dobrin and Marian Sorin Ionescu
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Monica Viorica Nedelcu: Bucharest University of Economic Studies, Bucharest, ROMANIA
Cosmin Octavian Dobrin: Bucharest University of Economic Studies, Bucharest, ROMANIA
Marian Sorin Ionescu: Bucharest University of Economic Studies, Bucharest, ROMANIA and University “POLITEHNICA” Bucharest

Romanian Statistical Review, 2017, vol. 65, issue 3, 61-79

Abstract: The present study is concerned with the concept of simulation and the development of simulation models, transposed into mathematical formalism from engineering sciences into economic context, as a powerful and effective tool for managerial decision making. The applications under consideration involve deterministic systems with continuous time and states, as well as with discrete ones. There presented simulations are of type G/G/1 activity, considered to be representative for models of modern business-type of problems, as well as paradigms, concepts and the mathematical formalism from engineering sciences, which have been successfully applied to economic organization-type problems, such as the Pollaczek – Khinchin formula, Lindley’s equation, the Wiener-Hopf equation.Finally, two classical, representative methods for simulations are briefly and synthetically discussed, the Monte-Carlo method and the Metropolis method, together with the methodology of implementation via the specialized software Microsoft Excel, and with the convergence of the simulation processes.

Keywords: Simulation; modeling; business model; mathematical formalism (search for similar items in EconPapers)
JEL-codes: C63 L25 (search for similar items in EconPapers)
Date: 2017
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