|
Return On Modeling Effort
Return on modelling effort (ROME) is the benefit resulting from a (supplementary) effort to create and / or improve a model. Purpose In engineering, modelling always serves a particular goal. For example, the lightning protection of aircraft can be modelled as an electrical circuit, in order to predict whether the protection will still work in 30 years, given the ageing of its electrical components. More and more effort can be put in making this model predict reality perfectly. However, this perfection comes at a price: researchers invest time and money in improving the model. As a Return on investment Return on investment (ROI) or return on costs (ROC) is the ratio between net income (over a period) and investment (costs resulting from an investment of some resources at a point in time). A high ROI means the investment's gains compare favorab ... (ROI), the ROME is a metric for the use of further modelling. It may therefore serve as a 'stopping criterion'. Typically, resear ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scientific Modelling
Scientific modelling is an activity that produces models representing empirical objects, phenomena, and physical processes, to make a particular part or feature of the world easier to understand, define, quantify, visualize, or simulate. It requires selecting and identifying relevant aspects of a situation in the real world and then developing a model to replicate a system with those features. Different types of models may be used for different purposes, such as conceptual models to better understand, operational models to operationalize, mathematical models to quantify, computational models to simulate, and graphical models to visualize the subject. Modelling is an essential and inseparable part of many scientific disciplines, each of which has its own ideas about specific types of modelling. The following was said by John von Neumann. There is also an increasing attention to scientific modelling in fields such as science education, philosophy of science, systems theor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Return On Investment
Return on investment (ROI) or return on costs (ROC) is the ratio between net income (over a period) and investment (costs resulting from an investment of some resources at a point in time). A high ROI means the investment's gains compare favorably to its cost. As a performance measure, ROI is used to evaluate the efficiency of an investment or to compare the efficiencies of several different investments.Return On Investment – ROI , Investopedia as accessed 8 January 2013 In economic terms, it is one way of relating profits to capital invested. Purpose In business, ...[...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Ratios
A financial ratio or accounting ratio states the relative magnitude of two selected numerical values taken from an enterprise's financial statements. Often used in accounting, there are many standard ratios used to try to evaluate the overall financial condition of a corporation or other organization. Financial ratios may be used by managers within a firm, by current and potential shareholders (owners) of a firm, and by a firm's creditors. Financial analysts use financial ratios to compare the strengths and weaknesses in various companies. If shares in a company are publicly listed, the market price of the shares is used in certain financial ratios. Ratios can be expressed as a decimal value, such as 0.10, or given as an equivalent percentage value, such as 10%. Some ratios are usually quoted as percentages, especially ratios that are usually or always less than 1, such as earnings yield, while others are usually quoted as decimal numbers, especially ratios that are usually mor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Engineering Ratios
Engineering is the practice of using natural science, mathematics, and the engineering design process to solve problems within technology, increase efficiency and productivity, and improve systems. Modern engineering comprises many subfields which include designing and improving infrastructure, machinery, vehicles, electronics, materials, and energy systems. The discipline of engineering encompasses a broad range of more specialized fields of engineering, each with a more specific emphasis for applications of mathematics and science. See glossary of engineering. The word ''engineering'' is derived from the Latin . Definition The American Engineers' Council for Professional Development (the predecessor of the Accreditation Board for Engineering and Technology aka ABET) has defined "engineering" as: History Engineering has existed since ancient times, when humans devised inventions such as the wedge, lever, wheel and pulley, etc. The term ''engineering'' is derived ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Acronyms
An acronym is a type of abbreviation consisting of a phrase whose only pronounced elements are the initial letters or initial sounds of words inside that phrase. Acronyms are often spelled with the initial Letter (alphabet), letter of each word in all caps with no punctuation. For some, an initialism or alphabetism connotes this general meaning, and an ''acronym'' is a subset with a narrower definition; an acronym is pronounced as a word rather than as a sequence of letters. In this sense, ''NASA'' () is an acronym, but ''United States, USA'' () is not. The broader sense of ''acronym'', ignoring pronunciation, is its original meaning and in common use. . Dictionary and style-guide editors dispute whether the term ''acronym'' can be legitimately applied to abbreviations which are not pronounced as words, and they do not agree on acronym space (punctuation), spacing, letter case, casing, and punctuation. The phrase that the acronym stands for is called its . The of an acron ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
