3 Benefits of Agent-Based Modeling for Business Analytics

Business analytics focuses on developing new insights and understanding of business performance. Agent-Based Modeling captures the complex network of interactions and connections that make up real systems and make it possible to see emergent patterns and unexpected changes and events.

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  • ABM gives insights into causes of emergent phenomena

Emergent phenomena result from the interactions of individual entities. An emergent phenomenon can have properties that are decoupled from the properties of the part. For example, a traffic jam, which results from the behavior of and interactions between individual vehicle drivers, may be moving in the direction opposite that of the cars that cause it. This characteristic of emergent phenomena makes them difficult to understand and predict.

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