Data Science & Systems Dynamics - Big Data Utah Meeting

Topic: Data Science and System Dynamics

Summary: Developed at MIT’s Sloan School of Management in 1950s, system dynamics is a methodological approach to model the behavior of complex systems, where change in one component leads to change in others (like the dominos effect with feedback loops added). This approach is widely applied in industries such as healthcare, disease research, public transportation, business management and revenue forecasting. The most famous application of system dynamics probably is in Limits to Growth.

This new interdisciplinary work presents system dynamics as a powerful approach to enable analysts to build simulation models of social systems, with a view toward enhancing decision making. Grounded in the feedback perspective of complex systems, the book provides a practical introduction to system dynamics, and covers key concepts such as stocks, flows, and feedback.

System Dynamics Modeling with R also describes hands-on techniques that can enhance client confidence in system dynamic models, including model testing, model analysis, and calibration.