ETC2490

Business simulation

Associate Professor Ralph Snyder

6 points · Two 1-hour lectures and one 1-hour tutorial/laboratory per week · Second semester · Clayton · Prerequisite: ETC1031

Objectives On successful completion of this subject, students should be able to build business simulation models and understand how simulation models can be used by managers to support decision making under risk. Students should understand the principles underlying simulation; should have learned about the statistical methods used for model verification and validation; and should be able to simulate with Microsoft Excel and special purpose simulation packages.

Synopsis Simulation in a business environment including applications to production and inventory control, finance, investment and sales forecasting; discrete time simulation with Microsoft Excel; queuing theory and discrete event simulation with a special purpose computer package; principles of random number generation and statistical validation methods.

Assessment Written (2 assignments [computing and report]): 40% · Examination (2 hours): 60%

Back to the 1999 Business and Economics Handbook