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Quantitative Management: Simulation

Course Status:	Released	Courseware Features
Course Language:	English
Course Duration:	5 Hours
Deployment Options:	Online, Interactive CDs, Network, Downloads, Intranet

Audience

Analysts and business decision makers seeking competency in the area of quantitative management

Prerequisites

A general understanding of information systems and management principles, along with a grounding in calculus and algebra

Course Aim

To introduce risk analysis and simulations as decision-making tools

Learning Objectives

Use elementary methods of risk analysis. Explain simulation as a means of conducting risk analysis. Use random number generators to generate sample values in spreadsheet simulations. Create spreadsheet simulation models of problems. Interpret the results of simulations. Formulate inventory control models in spreadsheets. Use spreadsheets to replicate inventory control models and compare the results. Implement queuing models. Replicate spreadsheet queuing models. Simulate models of overbooking problems. Replicate models of overbooking problems. Analyze the results of overbooking simulations.

Topics Covered

Risk Analysis - Including variability in systems - Introducing simulation - Generating random numbers Spreadsheet Simulation - Creating a simulation - Analysis Inventory Control Model - Implementing the model - Replication and analysis Queuing Model - Implementing the model - Replication and analysis Hands-on: An Overbooking Model - Implementing the model - Replicating the model - Analyzing the results