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System dynamics method Assignment

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Added on: 2022-12-01 10:59:17
Order Code: 479049
Question Task Id: 0

The system dynamics method was created in 1950s by MIT Professor Jay Forrester.Drawing on his science and engineering background, Forrester sought to use the laws of physics, in particular the laws of electrical circuits, to investigate economic and social systems.
Today, system dynamics is typically used in long-term, strategic models, and it assumes high levels of object aggregation: SD models represent people, products,events, and other discrete items by their quantities.System dynamics is a methodology to study dynamic systems. It suggests you:
Model the system as a causally closed structure that defines its ownbehavior.
Discover the system's feedback loops (circular causality) balancing orreinforcing. Feedback loops are the heart of system dynamics.
Identify stocks (accumulations) and flows that affect them.
Stocks are accumulations and characterize the system state. They are the memoryof the system and sources of disequilibrium. The model works only with aggregates - the stock’s items are indistinguishable. Flows are the rates at which these system states change.
If you’re having difficulty distinguishing between stocks and flows, consider how we measure them. Stocks are usually expressed in quantities such as people,inventory levels, money, or knowledge, while flows are typically measurements of quantities in a given time period such as clients per month or dollars per year.

  • Uploaded By : Katthy Wills
  • Posted on : December 01st, 2022
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