Business simulation
Mr Clive McCann
6 points * Two 1-hour lectures and one 1-hour tutorial/laboratory per week * Second semester * Clayton *Prequisite: ECM1031 with pass or ECM1032 with credit
Objectives On the completion of the subject students will be able to demonstrate an understanding of the principles and scope of simulation modelling; demonstrate an understanding of the potential for the application of simulation models in management; demonstrate a knowledge of the basic terminology and concepts of simulation; analyse simple queuing models; demonstrate an understanding of random number generations and the methods used to generate random variates; design simple discrete event simulation models; use a selection of basic techniques for the validation of simulation models; demonstrate an ability to use simulation software packages for running simulation models; use a range of statistical methods to analyse the output from a simulation model; simulate simple econometric and time series models.
Synopsis Simulation analysis in a business environment; simulation terminology and key concepts; queuing models; simulation procedures; running a simulation model; statistical analysis of model performance; simulation of econometric and time series models.
Assessment Written (3 assignments [computing and report]): 30% * Exercises: 20% * Examination (2 hours): 50%