19 September 2001 Economics of simulation task force
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It is both logical and appropriate for decision-makers to ask for ways to judge the value of simulation. Often, the request is even more pointed than just wanting a report on the value of simulation, and specifics on the economics of simulation are requested. Clearly, undertaking to answer questions about the economics of simulation will be critical to building an understanding of how to spend future marginal National Defense dollars. As an example, one can evaluate the economics of simulation where it supports our ability to develop, build, and test new weapon systems. Here, historically derived returns on investment, cost avoidance, cycle time reductions, and lifecycle cost savings have been documented and warrant further investigation. However, there is a larger area of use for simulation where judging its value must go beyond economics. Simulation, in most uses, has a value (or benefit or impact) beyond cost savings, and most efforts to understand the economics of simulation really intend to include the more general topic of the value of simulation. The broader question of the value of simulation will be tackled because simulation must prove its worth. If it is adequately funded and intelligently used, simulation will save valuable national resources and improve readiness. A task force of volunteers is now looking at the economics (benefits, value, impact) of simulation, and this paper seeks to provide an overview of the state of understanding of this topic and solicit volunteers to join this task force effort.
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Steven C. Gordon, Steven C. Gordon, } "Economics of simulation task force", Proc. SPIE 4367, Enabling Technology for Simulation Science V, (19 September 2001); doi: 10.1117/12.440031; https://doi.org/10.1117/12.440031

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