Feedback is a process in which a decision or action causes changes to occur which, after a time, cause a revision of the decision or action. For example, if you are trying to catch a person running in front of you it is necessary to run faster till you get beside them and then slow down to match their pace. Though feedback is a very simple concept, its implications can be quite surprising. Feedback loops typically involve more than one person or organization, each responding to the actions of another in such a way as to, eventually, change the behavior of others. Arms races, stock market bubbles, inner city degradation, and instability in manufacturing volume requirements are all examples of behaviors that result from feedback. Diagram of a feedback loop.
Posted in: Modeling Concepts