Abstract. Modelling and Simulation is a discipline for developing a level of understanding of the interaction of the parts of a system, and of the system as a whole. The level of understanding which may be developed via this discipline is seldom achievable via any other discipline. A simulation is the manipulation of a model in such a way that it operates on time or space to compress it, thus e...

A business process is the set of activities and decision rules required to accomplish an operational objective. Examples include fulfilling an order, manufacturing a product, fielding a technical support phone call, or even launching a rocket. A process model provides an analytical framework for describing the activities and their relationships in detail. It extends the concept of business proc...

© PrismTech, 2013 Modeling & Simulation Challenges The need to make Modeling & Simulation (M&S) environments more realistic and sophisticated so that they can support an increasingly varied and wide range of complex situations is driving the need for extremely high throughput, low latency, real-time data sharing over geographically dispersed distributed networks. This is combined with the need ...

The payout and price of a rainfall-based index insurance contract are both functions of rainfall, which is a random process. In order to design and price these contracts, therefore, the buyers and the sellers of the contracts must both have a satisfactory understanding of the rainfall process, and must be able to communicate their beliefs to each other in order to negotiate the design and price...