Simulation Modeling and Analysis
Simulation Modeling and Analysis
Verification and validation of simulation models
WSC '05 Proceedings of the 37th conference on Winter simulation
| Hi-index | 0.00 |
Performance measurement systems have proven to facilitate process improvement in the past decades in various markets and environments. The objective of this paper is to design a performance measurement system to actively control, monitor and improve performance of automated teller machines. In our real-time performance measurement system we apply different weights for different types of potential lost sales. We implement the measurement system in an ATM inventory management context and conduct discrete event simulation experiments to demonstrate its added value in terms of cost and service. We use data from Dutch commercial banks in our performance and sensitivity analyses. Exhaustive numerical validation demonstrates that the implementation of our performance measurement system leads to a higher fill rate -- 99% instead of 98% -- with equal expenses, or a 3.7% cost reduction while maintaining an equal fill rate.