A panel session on the role of modeling and analysis in semiconductor manufacturing in a shrinking world is presented. Therefore, two participants are from Asia, two from Europe, and two from US and there are two panel organizers/ moderators (Fowler and Mönch). One panelist from each continent is from industry and one from academia. Only initial position statements are included in the proceedings. However, these initial statements form the basis for the panel discussion. The statements of the panelists from industry relate to modeling and analysis problems found in their own companies. The position statements of the panelists from academia describe the role that modeling and analysis is expected to play in their current and ongoing research in semiconductor manufacturing. Furthermore, their views on the challenges and successes of modeling and analysis in a globalized world are also included.