Businesses in any vertical markets are based on tangibles. R&D, investment, cashflow, production workflows, company management, staff skills and efficiency are all identifiable commercial factors needing to be balanced for the business to be run efficiently. Of course, they can be subject to any number of intangible or unpredictable factors. This means any good business leader or manager has to indulge in games of “What if?” to predict what might happen if operating conditions change. Or equipment needs upgrading. Or a global pandemic strikes.
But how do those in the decision-making process know that simulation modelling is the right fit for their business? Debra Slater, Managing Director at Three Media, and an expert in the field of simulation modelling and optimisation, talks to IABM to address the most commonly asked questions.