[Back]

A. Körner, S. Winkler:
"Modelling and Simulation in Economy";
Talk: ISTI International Conference Informations Systems and Technology Innovations: Inducting Modern Business Solutions 2015, Tirana; 2015-06-05 - 2015-06-06; in: "ISTI International Conference Informations Systems and Technology Innovations: Inducting Modern Business Solutions 2015", K. Sevrani (ed.); Shtepia Botuese albPaper, 6 / Tiranana (2015), ISBN: 978-9928-05-199-8; 62 - 63.

Abstract
This article presents the application of mathematical modelling and simulation in economy. Simple static formulas can be replaced by dynamical models for simulating a certain behavior. The simulation results are useful to analyse a potential outcome and provide a forecast of the business process. This forecasts can be used to support decision-makers with scientific valid statements.
Introduction
Modelling and Simulation is not a field of science for itself, but is present in several fields of interest. The origin of the discipline of simulation is located in the circuit simulation envi-ronments of electrical engineers and digital electronically circuits. Several decades the simu-lation tools developed a certain level and are present in too many fields of interests.
Modelling theory by itself started in the surrounding of natural science because of the need to finding formulas which describe a certain process or behavior. This is called white-box mod-elling. Because of the increasing amount of data the modelling approach enlarged to offer methods for representing behavior of a system. This is called black-box modelling. Both ap-proaches include a dynamical model and no static formula

Modelling, Simulation, static formula, dynamic model, black box modelling, white box model-ling, forecasting, decision making

http://publik.tuwien.ac.at/files/PubDat_245458.pdf