Benefits of Simulation
Discrete event simulation provides unique benefits which include:
- Consideration of the total integrated system and system dynamics
- Explicit accounting of variability providing a basis for establishing robust and repeatable options
- Providing a powerful tool for offline testing of multiple options
- Increasing visibility, participation and understanding by project team members
- Increasing depth of system understanding to provide greater capability for informed decision making
- Support analysis of risk evaluation and how sensitive the solution is to change.
Operational Drivers
- Get it right the first time
- Understand and evaluate complex systems
- Identify the best path forward
- Eliminate uncertainty of the impact of change
- Identify inefficiencies associated with integrated existing or proposed systems
Financial Drivers
- Pressure to improve shareholder returns and make optimum decisions/ minimise risks
- The need to justify expenditure through accurate estimates of payback periods
- The need for efficiency in a rapidly changing global market
The benefit to some of TSG’s past clients has typically been in the order of millions of dollars, with some clients reporting a 100:1 ROI when engaging simulation modelling before progressing a project.