Model-based systems engineering

Model-based systems engineering (MBSE), according to INCOSE, is the "formalized application of modeling to support system requirements, design, analysis, verification and validation activities beginning in the conceptual design phase and continuing throughout development and later life cycle phases."
It is a systems engineering methodology that focuses on creating and exploiting domain models as the primary means of information exchange, rather than on document-based information exchange.
MBSE methodology commonly used in industries such as aerospace, defense, rail, automotive, industrial, etc.
History.
In January 2007, the MBSE approach began to be popularized when the INCOSE introduced its MBSE Initiative. Goals included increased productivity, by minimizing unnecessary manual transcription of concepts when coordinating the work of large teams. The MBSE approach is outlined in INCOSE's "MBSE 2020 Vision", with a methodology focusing on distributed but integrated model management.
As of 2014, the focus has also started to cover aspects related to the model execution in computer simulation experiment, to further overcome the gap between the system model specification and the respective simulation software. As a consequence, the term modeling and simulation-based systems engineering (M&SBSE) has also been used along with MBSE.
INCOSE is hosting an annual meeting on MBSE, has chapters and working groups.