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Open Access Journal Article

Simulation Modeling Techniques for Risk Analysis in Operations

by David Johnson 1,*
1
David Johnson
*
Author to whom correspondence should be addressed.
ORS  2022 4(2):33; https://doi.org/10.69610/j.ors.20221015
Received: 26 August 2022 / Accepted: 23 September 2022 / Published Online: 15 October 2022
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Abstract

Simulation modeling techniques have become increasingly important in risk analysis within the domain of operations management. This paper explores the application of various simulation methods for assessing and managing risks in operational processes. By using simulations, businesses can model complex operational scenarios, evaluate the impact of different risk factors, and develop strategies to mitigate potential disruptions. The study reviews several key simulation modeling techniques, including discrete event simulation (DES), agent-based simulation (ABS), and system dynamics (SD), each offering unique advantages for risk analysis. The paper further discusses the challenges and considerations involved in the implementation of these techniques, emphasizing the need for a comprehensive understanding of the operational context and the importance of validation and verification processes. Through case studies and theoretical analyses, the paper highlights the potential of simulation modeling in enhancing decision-making under uncertainty and improving operational resilience.

 

Keywords: Simulation Modeling; Risk Analysis; Operations Management; Discrete Event Simulation; System Dynamics.;
Copyright: © 2022 by Johnson. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY) (Creative Commons Attribution 4.0 International License). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.
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APA Style
Johnson, D. (2022). Simulation Modeling Techniques for Risk Analysis in Operations. Operations Research and Statistics, 4(2), 33. doi:10.69610/j.ors.20221015
ACS Style
Johnson, D. Simulation Modeling Techniques for Risk Analysis in Operations. Operations Research and Statistics, 2022, 4, 33. doi:10.69610/j.ors.20221015
AMA Style
Johnson D. Simulation Modeling Techniques for Risk Analysis in Operations. Operations Research and Statistics; 2022, 4(2):33. doi:10.69610/j.ors.20221015
Chicago/Turabian Style
Johnson, David 2022. "Simulation Modeling Techniques for Risk Analysis in Operations" Operations Research and Statistics 4, no.2:33. doi:10.69610/j.ors.20221015

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ACS Style
Johnson, D. Simulation Modeling Techniques for Risk Analysis in Operations. Operations Research and Statistics, 2022, 4, 33. doi:10.69610/j.ors.20221015
AMA Style
Johnson D. Simulation Modeling Techniques for Risk Analysis in Operations. Operations Research and Statistics; 2022, 4(2):33. doi:10.69610/j.ors.20221015
Chicago/Turabian Style
Johnson, David 2022. "Simulation Modeling Techniques for Risk Analysis in Operations" Operations Research and Statistics 4, no.2:33. doi:10.69610/j.ors.20221015
APA style
Johnson, D. (2022). Simulation Modeling Techniques for Risk Analysis in Operations. Operations Research and Statistics, 4(2), 33. doi:10.69610/j.ors.20221015

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