Simulation, a Very Powerful Computer-Based Decision Support Capstone Project

Pages: 3 (913 words)  ·  Bibliography Sources: 4  ·  File: .docx  ·  Level: Master's  ·  Topic: Business - Advertising

¶ … simulation, a very powerful computer-based decision support system has rapidly gained acceptance as a decision-making tool in business (Wynn et al.,2007). The main applications of simulation in business processes is for the improvement of operating and operational efficiency (Watkins & Hill,2009). The basic idea behind simulation is to accurately model a given physical process on the computer by incorporating the various uncertainties that are usually inherently present in all the real and actual systems. In this paper, we discuss how simulation can be used in judging the pricing as well as R & D. allocation of three different products in an effort of formulating a better product marketing strategy that would see the company, Clipboard Tablet Co, maximize profit from its sales operations.

How the simulation was carried out

In this paper, we conduct a simulation of the sales and performance of three different products over 6-year period. This is done using the outcomes of Forio Simulate (Forio,2012), a first-class simulation software.The pricing, R&D allocation and the decision to discontinue a given product is what is determined at the beginning of every year.

Summary of the Decisions after the time wrap

1/2/2012 input decisions for 2012

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The performance of the 3 products also indicates a periodic variation over the 5 years. A cumulative review of the same products indicates that the best performing products over the 5-year period are -X5 and the product -X6 while the worst performing one is the product -X7. This is shown in the Figure. 2 below. If taken back to the year 2012, it would be prudent to make efforts in improving the performance and product attributes of the product X7.This would ensure that no losses are suffered in the R&D, production, marketing and ultimate sale of the same product. In regard to pricing and R&D allocations. If any product is to be discontinued, then it is X7 due to its dismal performance.

Figure 1.Profitability of the products in 2012

Decision

Capstone Project on Simulation, a Very Powerful Computer-Based Decision Support Assignment

The customers would pay more for the product X6 than for the rest of the products in the same category. The X6 sales are noted to be in the growth phase of the product lifecycle. The performance of the product X6 compares well with the rest of the products in the same category.

The Financial review of the three products

1/2/2013 input decisions for 2013

The performance of the 3 products still indicates a periodic variation over the 5 years. The customers would pay more for the product X7 than for the rest of the products in the same category. The X7 sales are noted to be in the growth phase of the product lifecycle. The X5 is noted to be is lower quality as well as performance… [END OF PREVIEW] . . . READ MORE

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