Question

List the three steps process that is utilized when using the modeling engine workbench (For Total cost of ownership of an application)

Answer 1

The modeling engine workbench uses a three-step process for evaluating the Total Cost of Ownership (TCO) of an application: first exploring possibilities with mathematical modeling, then defining the problem including budget and design requirements, and finally generating and selecting ideas based on the defined problem and constraints.

Step-by-step explanation:

Understanding the Three Steps Process in the Modeling Engine Workbench

The three-step process to determine the Total Cost of Ownership (TCO) of an application using the modeling engine workbench is an essential concept in engineering, particularly in the context of the engineering design process. To ensure a comprehensive evaluation, the following steps are taken:

1. Explore possibilities - In this first step, mathematical models are created to estimate costs for various approaches. This involves predicting costs for different alternative solutions that come up during the idea generation phase. These models help to analyze the science behind a technique and its cost implications across materials, fabrication or manufacturing, operation, and maintenance.
2. Define the problem - After exploring possibilities, it's crucial to define the problem accurately, which includes determining the budget for product development, the necessary drawings for designing the product, and any related criteria and constraints.
3. Generate ideas - Once the problem is defined, ideas are generated and a selection process ensues. This involves building models and designing processes that best fit the determined criteria and constraints, taking into account factors like the rate of flow of water through a hose, as an example.

The costs associated with these steps are then normalized for comparison, often based on a common measure like cost per thousand gallons of water.

Answer 2

The three-step process utilized in the modeling engine workbench for determining the Total Cost of Ownership (TCO) of an application involves: Data Collection, Cost Analysis, and Decision Making.

Step-by-step explanation:

The first step in determining the Total Cost of Ownership (TCO) of an application through the modeling engine workbench is Data Collection. This phase involves gathering comprehensive information about all the expenses associated with the application, including development costs, maintenance expenses, infrastructure costs, licensing fees, operational costs, and potential future expenses. It's crucial to gather accurate and detailed data to ensure the assessment's reliability.

Following data collection, the next step is Cost Analysis. Here, the collected data is meticulously examined and analyzed to break down the costs associated with the application over its lifecycle. This includes categorizing and evaluating both direct and indirect costs, such as initial investment, ongoing maintenance, upgrades, scalability, and potential risks. Cost analysis helps in understanding the complete financial implications and provides insights into cost-saving opportunities.

The final stage is Decision Making. After a thorough analysis of the costs involved, stakeholders and decision-makers utilize this information to make informed decisions. This phase involves weighing different options, assessing the trade-offs between costs and benefits, considering alternatives or optimizations, and ultimately making strategic decisions that align with the organization's goals and budget constraints. It's a crucial step to ensure effective resource allocation and maximize the value derived from the application while minimizing overall costs.