Simulation modeling is increasingly important in business, used in industries, consulting, and policy-making. With many software options available for simulation modeling, it's essential for business graduates to understand its philosophy and techniques. We'll learn how to use simulation modeling as a powerful tool for decision-making in complex systems, with a focus on practical applications, analyzing computer models of real-world processes. Through this, you'll gain skills in building and analyzing simulation models, empowering you to estimate and compare alternatives in different situations. Ultimately, you'll be equipped to tackle the challenges of decision-making in complex scenarios through simulation modeling.
Lecture 16, PC Lab 24, Independent Study 110, Assessment Preparation 50
Individual Report (1000 words) worth 20%.
Individual Report - Business Simulation Case Study (2500 words) worth 80%.
Reassessment Method: 100% Coursework – Individual Report – 2500 words
On successfully completing the module, students will be able to:
1. Demonstrate a systematic understanding of business and organisational problems that can be appropriately formulated and analysed using simulation modelling.
2. Master the main concept of the queuing theory.
3. Develop realistic simulation models using industry-standard software and gather a systematic understanding of the flexibility that simulation-based approaches provide in terms of resolving risk and other real-world complexities.
4. Master the theoretical foundations of simulation modelling, including random number generation, Monte Carlo, and sampling from discrete and continuous distributions.
5. Apply simulation software to respond innovatively to global challenges.
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