BUSINESS SIMULATION (2 Credits)

Learning Outcomes:

On successful completion of this course, student will be able to: Appreciate the interaction between different business areas; Understand the importance of big picture assessment as well as detailed analysis; Apply frameworks learned in several topics (Marketing, Strategy, Finance, Supply Chain, HR, and Accounting) to analyze a realistic business situation; Enhance team-working skills, and in particular how to share the load and to draw on different expertise

Topics:

1. Basic simulation modeling;
2. Modeling Complex Systems;
3. Simulation Software;
4. Review of Basic Probability and Statistics;
5. Building Valid, Credible, and Appropriately Detailed Simulation Models;
6. Selecting Input Probability Distributions;
7. Random-Number Generators;
8. Generating Random Variates;
9. Output Data Analysis for a Single System;
10. Comparing Alternative System Configurations;
11. Variance-Reduction Techniques;
12. Experimental Design and Optimization;
13. Simulation of Manufacturing Systems