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Simulation modeling - An effective method in doing business and management research

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  • Nguyen Thi Bich Tram

    (Ho Chi Minh City Open University, Vietnam)

Abstract

Although simulation modeling is a popular method in doing scientific research for many disciplines, namely decision science, optimization, information technology. Social science disciplines, particularly business and management, still receive little attention in applying this method. The paper introduces simulation modeling as an effective method in doing business and management research using Dimensions database and comparative analysis to explore (1) suitability and contribution in general disciplines as well as business and management, (2) advantages and disadvantages, (3) common types of models, and (4) effective software that researchers could use for specific research problems. The findings of this study confirm that simulation modeling is an effective method in doing business and management research thanks to its abilities in dynamics reflecting the real world, abstracted illustration, and naturally accommodating more plausible behavioral assumptions. However, modelers need to be aware of computational possibilities, the model’s complexity, and validity which might impact the simulated research results. The objective of this study is a calling for more simulation-based research to tackle complicated study problems related to business organizations with advanced technology and powerful tools listed in the paper. Thus, modelers are served well by this work as a reference for basic knowledge related to simulation modeling in business and management research.

Suggested Citation

  • Nguyen Thi Bich Tram, 2022. "Simulation modeling - An effective method in doing business and management research," HO CHI MINH CITY OPEN UNIVERSITY JOURNAL OF SCIENCE - ECONOMICS AND BUSINESS ADMINISTRATION, HO CHI MINH CITY OPEN UNIVERSITY JOURNAL OF SCIENCE, HO CHI MINH CITY OPEN UNIVERSITY, vol. 12(1), pages 108-124.
    • Handle: RePEc:bjw:econen:v:12:y:2022:i:1:p:108-124
    DOI: 10.46223/HCMCOUJS.econ.en.12.1.1916.2022
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