The selection of projects from a set of possible alternatives is a key decision in any organization. However, all entities that allocate resource budgets across several projects and initiatives face the same fundamental problem: to select the most valuable projects given a finite budget. The...

Simulation modeling can be valuable in many areas of management science, but is often costly, time-consuming and difficult to do. This paper describes a new approach to simulation that has the potential to be much cheaper, faster and easier to use in many situations. In this approach, users...