We present an overview of a recently conducted international assessment of R&D in Simulation-Based Engineering and Science. Key findings are presented and discussed. The study was sponsored by NSF, DOE, NIH, NIST, NASA, and DOD. Panelists include: Peter Cummings, Abhi Deshmukh, Sharon Glotzer (study chair), Martin Head-Gordon, George Karniadakis, Sangtae Kim (study co-chair), Linda Petzold, Celeste Sagui, and M. Shinozuka.