Analytics

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` Prescriptive Analytics

Organizations need to provide goods and services that meet customer needs such as low price, fast delivery, wide range, and high quality. To do this, these organizations operate as complex systems with many internal parts interacting with an external environment that is ever changing in response to forces such as technological advances. Because of this increasing complexity, organizations require tools that can help them both understand their current business processes and plan for future changes in response to their internal and external environment. This book is about the how simulation modeling of business processes for descriptive, predictive, and prescriptive analytics can attempt to explain behavior and thus help make decisions in the face of an uncertain future.

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Business process management (BPM)

The process perspective is associated with the area of operations management, which considers the transformation of materials, information and customers into goods and services. This transformation is undertaken by processes that require the allocation of resources such as people and equipment. Business process management (BPM) is a discipline that is focused on the use of business processes as a way of improving organizational performance. Deriving and using process performance measures is a key aspect of both operations management and BPM. In operations management performance is often measured using the metrics of cost, quality, speed, flexibility, and dependability. These measures not only provide an indication of performance but the identification and pursuit of a subset of these measures provide a way of connecting the strategic direction of the company with its operational decisions.