Monash University Handbook 2011 Undergraduate - Unit

Refer to the specific census and withdrawal dates for the semester(s) in which this unit is offered.

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 goals associated with this unit are to:

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

Assessment

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

Chief examiner(s)

Lee Gordon-Brown

Contact hours

4 hours per week

Prerequisites

ETC2470 or ETC2480

Prohibitions

ETC2490