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A Report from a meeting on the 4see model - Essay Example

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Author : bbatz

Summary

Simon Roberts Associate Director of the Foresight, Innovation and Incubation Group, Arup, started by welcoming the participants to the meeting of engineering and economics professionals together with some of the Arup representatives present. The Director said that the meeting’s objective was to look keenly into the 4see model. …

Extract of sample
A Report from a meeting on the 4see model

The 4see model also identified process flows. The variables of major interest, such as flows of goods and services, were not modeled as stocks and flows in the system dynamics sense, but were assumed to be consumed in the same time-period in which they were produced - there is no modeling of inventory. In system dynamics terms, they we considered being auxiliary variables. The identified fixed capital stocks in the economy with the system dynamics stock concept. This was a reflection of the categorical difference in 4seemodels between fixed capital stocks and other types of stocks such as inventories.(Roberts).We presented a macro-economic modeling framework based on deterministic and corrective approaches that enabled us to reproduce the historical data with a small number of exogenous parameters. The model was grounded in standard national macroeconomic data that conformed to international conventions of data-holding and duration. ...
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