System Dynamics & Its Application to E3 (Engineering-Economics-Environment) Problems

Education - Lecture/Discussion - WPI Only

Tuesday, November 19, 2013
12:00 PM-12:50 PM

Kaven Hall

System dynamics is a computer simulation modeling technique that is primarily used for two purposes. First, to examine the dynamic implications (costs, benefits, trade-offs, etc.) of alternative system designs/re-designs stemming from proposed changes to the structures of socio-technical-environmental-economic systems. Second, to help experts and stakeholders reach an informed consensus on proposed policies that lead to socio-technical-environmental-economic system design/re-design. Central to both purposes is the formal incorporation of feedback processes and structural relationships into the analysis.

This talk will consist of a brief overview of the system dynamics modeling process followed by the presentation of two system dynamics models that may be of interest to seminar participants. The first model is a project management model that provides insight into why cost and scheduling over-runs occur in large-scale projects and what might be done to mitigate these problems. The second model explores the (optimal and non-optimal) engineering, economic, and environmental impacts from routing the pressure from the loss of local aggregate sources for road construction and management among alternative outlets including the use of nonlocal aggregate sources, recycling, the delay of paving projects, and a reduction in the growth rate of the associated road network.

Michael J. Radzicki is an Associate Professor of Economics at Worcester Polytechnic Institute, creator of WPIs program in system dynamics, and co-creator of WPIs program in trading system development. He received his Ph.D. in economics from the University of Notre Dame and his training in system dynamics modeling from the Massachusetts Institute of Technology. In addition, he is a certified Rapid-I Predictive Analytics Analyst.

Professor Radzickis research focuses on predictive analytics, simulation science, and the application of techniques from these areas to problems in economics, finance, and management. He has been invited to speak in venues around the world including the White House, the Royal Society, the United States Departments of Energy, Transportation, and Homeland Security, and Sandia National Laboratories. He has also served on the editorial board of four professional journals and as a consultant to numerous Fortune 500 corporations. In addition to his work in data analysis and simulation science, Radzicki is an avid long distance runner, martial artist, golfer, and currency trader. In 2006 he served as president of the System Dynamics Society.

Suggested Audiences: College


Last Modified: November 14, 2013 at 10:33 AM

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