Sunday, June 7, 2009

Modeling & Simulation - ROI in Materials Science

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Modeling & Simulation is commonly used is Chemical and Process engineering as a tool to analyze, understand and predict behavior and performance of a system. What is meaningful way of putting System, Model, and Simulation in an appropriate perspective ? System, Model and Simulation may be viewed as :
  • System - A system exists and operates in time and space.
  • Model - A model is a simplified representation of a system at some particular point in time or space intended to promote understanding of the real system.
  • Simulation - A simulation is the manipulation of a model in such a way that it operates on time or space to compress it, thus enabling one to perceive the interactions that would not otherwise be apparent because of their separation in time or space.


Modeling & Simulation: The Return on Investment (ROI) in Materials Science
The use of Modeling & Simulation software suggests a cumulative ROI of $3 to $9 for every $1 invested in scientific research. The mechanisms for these gains are:
  • Increased experimental efficiency leading to the reduction of direct research costs
  • Efficiency gains leading to broader and deeper exploration of solutions and new products
  • Financial gains by improving time to market for new products or line extensions
  • Revenue gains from the rescue of stalled product development projects
  • Risk management through safety testing and failure analysis
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