1. A computer-implemented method performed in a modeling execution environment, the method comprising: providing, using a computer, a simulatable graphical model of a control system, the simulatable graphical model including one or more time-driven components, one or more event-driven components and at least one output, an event-driven component being able to support at least one entity passing there through, the at least one entity holding at least one value of an arbitrary data type; creating, using the computer, an entity used by an event-driven component from a time-based signal used by a time-driven component, the entity including data that is transferred between components of the model of the control system, the components of the model including a queue, the queue queuing one or more entities before passing the one or more entities an event-driven component; passing, using the computer, the entity to an event-driven component, the event-driven component executing in response to an event-input; executing the model of the control system, using the computer, the executing including: processing the time-based signal used by the time-driven component, processing the entity used by the event-driven component, updating the at least one value held by the entity during execution of the model in response to a change in the model, and producing an execution result based on the processing of the time-based signal and the processing of the entity, the execution result being at least one output of the simulatable graphical model of the control system; and storing, using the computer, the execution result.