System Dynamics and Operations Management

Abstract

Glossary Model A simplified and idealized (formal or informal) representation of a real or hypothetical system Operations management The subfield of business administration that deals with the efficient management of operations, i.e., an organiza-tion's value creation processes Operations strategy The subfield of business administration that deals with the effective reconciliation of operations' capabilities and external (e.g., of customers and competitors) requirements Scenario Potential future development of a system , often derived from running computer simulations Simulation Producing the behavior-overtime of a system, often based on a formal model and with the help of a computer System dynamics Method for developing formal models and running computer simulations for changing systems, mostly in the socio-economic domain