Naslov
Analysis and Simulation of The Modern Financial Analytical Function Based On Stochastic Modelling

Autori
Šimović, Vladimir ; Crnjac, Miljenko ; Zrinusic, Zdravko

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), ostalo

Izvornik
Proceedings of 27th Meeting of the EURO Working Group on Financial Modelling / - New York (NY), 2000

Skup
27th Meeting of the EURO Working Group on Financial Modelling

Mjesto i datum
Sjedinjene Američke Države, 16.11.2000. - 18.11.2000

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
Financial Analytical Function; Business Intelligence; The Application of Queueing

Sažetak
Objective of this work is to explain the simulation-modelling concept that was used for the Business Intelligence (BI) analysis. The relatively new model of financial analytical function was developed for a financial knowledge discovery process that was used for the financial Business Intelligence (BI) analysis. Model was developed for the BI work of the various analytical parts of the financial and governmental institutions of the Republic of Croatia. The main OR results that are accomplished during the soft computing process (based on fuzzy logic) of the analytical entropy of the modern financial analytical function were a solid base for this simulation modelling work. To solve the large number of simulations we have used the queueing M/M/s model with priorities that is based on a Poisson input (for exponential financial information interarrival time), and exponential output (for financial analytical service time), which is mainly based on the birth-and-death process (as a special type of continuous time Markovian chain). The benefit of this new simulation model of financial analytical function is in simple method (based mainly on statistical simulations) of measuring analytical capacity and capability of analysis, which is now in usage in the financial field (and partly in field of financial law). The financial analytical function of the BI was prepared for investigations of various financial events, financial markets, subjects or entities, and for financial business operations control methods, etc. An application of this model increases the group effectiveness, efficiency, and quality of the operational and strategic financial market investigative operations that are in usage during the whole financial knowledge discovery process. We discuss the queueing networks with infinite queues in series for many experimental simulations. Also, we discuss conceptual solution for reducing the sum of costs (as function of financial analytical service cost and cost of analytical waiting). Future work is study of Jackson networks with m financial analytical service facilities as a quite good solution for analysing of each service facility independently of the others financial analytical service facilities.

Izvorni jezik
Engleski

Znanstvena područja
Informacijske i komunikacijske znanosti

POVEZANOST RADA