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Model Construction
The success of a simulation exercise is related to the predictive quality of the underlying model, so that considerable care should be taken with model construction. Significant factors in model development are:
Object oriented: The model must be constructed with some definite reason and the model results should be directly associated to this purpose.
Critical variables and relationships: Model building is an iterative, creative procedure with the aim of recognizing those variables and relationships that should be included in the model.
Simplicity: The most excellent model is the simplest which has sufficient predictive qualities.
Management involvement: To construct good models these must be a thorough understanding of actual operations. Only management here these knowledge so that they must be involved.
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Hornsby Manufacturing has four categories of overheads. The four categories and the expected overhead costs for each category for next year are as follows: Maintenance $140,000
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