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
