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As budgets decrease, it becomes increasingly important to determine the most effective ways to invest in modeling and simulation (M&S). This article discusses an approach to comparing different M&S investment opportunities using a return on investment (ROI)-like measure. The authors describe methods to evaluate “benefit” (i.e., increased readiness, more effective training, etc.) received from an investment and then use those metrics in a decision analysis framework to evaluate each M&S expenditure. Finally, they conclude by discussing the importance of viewing M&S investments from a Department of Defense (DoD) Enterprise view, evaluating investment over multiple years, measuring well-structured metrics, and using those metrics in a systematic way to produce an ROI-like result that DoD can use to evaluate and prioritize M&S investments.