Monica Viorica NEDELCU, Professor, Ph.D.
Bucharest University of Economic Studies, Bucharest, ROMANIA
Cosmin Octavian DOBRIN, Professor, Ph.D.
Academy of Economic Studies, Bucharest, ROMANIA
Marian Sorin IONESCU, Ph.D., Associate Professor
Academy of Economic Studies, Bucharest, and University “POLITEHNICA” Bucharest
Abstract
The present study is concerned with the concept of simulation and the development of simulation models, transposed into mathematical formalism from engineering sciences into economic context, as a powerful and effective tool for managerial decision making. The applications under consideration involve deterministic systems with continuous time and states, as well as with discrete ones.
There presented simulations are of type G/G/1 activity, considered to be representative for models of modern business-type of problems, as well as paradigms, concepts and the mathematical formalism from engineering sciences, which have been successfully applied to economic organization-type problems, such as the Pollaczek – Khinchin formula, Lindley’s equation, the Wiener-Hopf equation.
Finally, two classical, representative methods for simulations are briefly and synthetically discussed, the Monte-Carlo method and the Metropolis method, together with the methodology of implementation via the specialized software Microsoft Excel, and with the convergence of the simulation processes.
Key Words: Simulation, modeling, business model, mathematical formalism
JEL Clasification: C63, L25
