Frequently asked questions
General questions regarding business simulation
- What is computer-based business simulation?
- What is simulation used for?
- How is simulation used?
- How is Studio 8 unique?
- Who uses products from Powersim Software?
1. What is computer-based business simulation?
Business simulation software enables organizations to build interactive environments in which they can experiment with strategies, see what works best, and learn to improve their decision-making processes.
Building a simulation allows users to see hidden assumptions, see the big picture and understand the consequences of decisions before committing resources.
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2. What is simulation used for?
Companies use interactive simulations for scenario planning and strategy development. For example, management can see changes in customers' and competitors' behavior when it changes prices, adjusts inventory policies, or shifts resources among business units.
Interactive simulations are also used to help others understand the reasoning behind decisions. Several Studio users have built simulations that are used as part of training courses on strategy development.
Interactive simulations are particularly helpful for customer education. For instance, companies can include customers in "what if" scenarios and show the effects of a new product or service on the customers' businesses.
Simulations have also been successfully used for employee training. They are an ideal way for staff to interact and solve current or potential problems.
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3. How is simulation used?
Simulation lets users:
- Conduct forecasting exercises for new product introductions or price fluctuations
- Prepare for industry changes, such as mergers or deregulation
- Deal with business cycles that involve seasonal demand or over capacity
- Weigh trade-offs, such as spending more on capital investment or preventative maintenance.
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4. How is Powersim unique?
Powersim is the industry standard in providing business simulation products and consulting services. Powersim's solutions are used in many situations because they show unexpected consequences, accommodate soft variables such as employee morale and customer satisfaction, and don't require significant historical data to work.
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5. Who uses products from Powersim Software?
Solutions based on products from Powersim Software are used by small firms seeking competitive niches in their industries, management consulting firms searching for solutions to their clients' problems, and global manufacturers and service providers seeking to increase efficiency.
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