REALTIME PREDICTIVE AND PRESCRIPTIVE ANALYTICS WITH REAL-TIME DATA AND SIMULATION - This paper discusses the reusability and extensibility of simulation models and their roles in predictive and prescriptive analytics using real time data connectivity...

Ensuring Success with Simulation

Simulation is an approximation of reality, the level to which it mimics reality depends on the tool and method used to implement the simulation model. The closer the simulation model mimics reality, the better its results and analysis are, while the faster the model is built and validated the greater the return on investment.

Monte Carlo simulations can be used to study the variability of the model and determine the model behavior boundaries along with the expected performance. In simulation models that contain variable failure rates, variable processing rates at each stations, and variable inputs, Monte Carlo simulation runs can be a tremendous asset to any organization in order to understand the intricate behavior of the model environment. Simcad Pro created models benefit from the fact that Simcad Pro integrates all the tools required to run and analyze Monte Carlo simulations quickly and effectively. Coupled with the patented On-the-fly dynamic model updates, Simcad Pro provides an unprecedented simulation environment unmatched in the industry.

Most improvement initiatives begin with a Value Stream mapping exercise. The value stream map takes into consideration one aspect or product of the operation and analyzes the effect of waste. With a single product with no variations that flows sequentially, a static value stream is adequate. But, when analyzing multiple product interactions, non sequential flows, and the interaction among multiple value streams, the static environment fails. Moreover, static streams do not take into consideration fluctuations in demand, workforce, and other dynamic operational constraints. This patented technology is the first of its kind on the market today.