Simulation Modeling I: Data Processing and Monte Carlo Simulation
Simulation is a widely used methodology in both industry and academia because it is a vital tool for decision making under uncertainty. A simulation model allows the user to test a variety of “what-if” scenarios on a computer and evaluate a variety of outcomes from complex processes before considering implementing any changes to the real system. Areas of application include health care, finance, risk analysis, manufacturing, logistics, call centers, and military.
This course introduces students to Monte Carlo simulation using Excel. The course also covers how to analyze and process raw data, with the goal of creating useful inputs to a simulation model.
Instructor Biography – Steven Shechter
Course Outline – Class of 2018 (Updated November 8, 2017)
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