On simulation and modeling in economics

Abstract

This paper is devoted to a description of the modeling of economics and in particular, of business processes. More specifically, it describes the process and the conditions of creating a user-friendly and correct models, as well as the advantages, disadvantages and problems in applying the method of business process simulation. The process of simulation in the field of queueing systems and stock management, which are two of the most basic decision-making areas for all enterprises, is described in more detail. Nowadays, technology offers many solutions for every researcher with hi-end simulation tools, like simulation languages and other software packages. Simple examples are given and commented from computational and economical points of view.