Leader: Associate Professor Ralph Snyder

Offered

Clayton Second semester 2008 (Day)

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.

Objectives

The learning objectives of this unit are to:

• provide insights into the potential role of simulation methods in supporting business decision making under risk and uncertainty;
• develop an understanding of the principles of simulation methods;
• inculcate an appreciation of the advantages and disadvantages of various simulation methods;
• develop the ability to recognise business problem types that can be approached using simulation;
• foster skills needed to build simulation models using computers.

Assessment

Within semester assessment: 40%
Examination (2 hours): 60%

Contact hours

Two 1-hour lectures and one 2-hour tutorial/laboratory per week

Prerequisites

ETC2470 or ETC2480