Synonyms
Mathematical modeling; Simulation modeling
- Business model::
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A description of the mechanisms by which an organization creates and captures economic value
- Business process::
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A collection of activities or tasks that allow an organization to transform inputs into outputs (e.g., products or services)
- Mathematical and simulation modeling::
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The process of describing essential characteristics of a system using mathematical concepts and language
- Operations research::
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A discipline concerned with the application of advanced mathematical methods to improve decision-making
- System dynamics::
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A discipline concerned with understanding the behavior of complex systems and developing policies that can improve it
Definition
Modeling a business or a managerial process refers to the practice of developing a graphical, mathematical, or simulation model of the key processes in an organization. The main purpose of developing a business model can range from mapping the existing processes to analyzing...
References
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Recommended Reading
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Gonçalves, P. (2017). Modeling of Business Processes and Crisis Management. In: Alhajj, R., Rokne, J. (eds) Encyclopedia of Social Network Analysis and Mining. Springer, New York, NY. https://doi.org/10.1007/978-1-4614-7163-9_275-1
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DOI: https://doi.org/10.1007/978-1-4614-7163-9_275-1
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