Monthly Subscription Starting at AED 99 + VAT
- Level Foundation
- Duration 17 hours
- Course by University of Minnesota
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Offered by
About
This course is primarily aimed at third- and fourth-year undergraduate students or graduate students interested in learning simulation techniques to solve business problems. The course will introduce you to take everyday and complex business problems that have no one correct answer due to uncertainties that exist in business environments. Simulation modeling allows us to explore various outcomes and protect personal or business interests against unwanted outcomes. We can model uncertainties by using the concepts of probability and stepwise thinking. Stepwise thinking allows us to break down the problem in smaller components, explore dependencies between related events and allows us to focus on aspects of problem that are prone to changes due to future uncertainties. The course will introduce you to advanced Excel techniques to model and execute simulation models. Many of the Excel techniques learned in the course will be useful beyond simulation modeling. We will learn both Monte Carlo simulation techniques where overall outcome is of primary interest and discrete event simulation where intermediate dependencies between related events might be of interest. The course will introduce you to several practical issues in simulation modeling that are normally not covered in textbooks. The course uses a few running examples throughout the course to demonstrate concepts and provide concrete modeling examples. After taking the course a student will be able to develop fairly advanced simulation models to explore fairly broad range of business environments and outcomes.Modules
Week 1: Course Introduction
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3
Videos
3
Videos
- Specialization Overview
- Alok Gupta: A Personal Introduction
- Simulation Models for Decision Making Course Overview
Week 1 Lesson 1: Introduction to Probability Concepts
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4
Videos
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1
Assignment
1
Assignment
- Module 1 Lesson 1 Practice Quiz
4
Videos
- Module 1 Overview
- Introduction to Probability
- Axioms of Probability
- Dice Simulation
Week 1 Lesson 2: More Probability Concepts
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3
Videos
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1
Assignment
1
Assignment
- Module 1 Lesson 2 Practice Quiz
3
Videos
- Permutations
- Permutations and Probability
- State Space (Combinations)
Week 1 Lesson 3: Probability Concepts Continued
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5
Videos
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1
Assignment
1
Assignment
- Module 1 Lesson 3 Practice Quiz
5
Videos
- Joint Probability
- Simulate Rolling Two Dice Part 1
- Simulate Rolling Two Dice Part 2
- Two Dice Game
- Rules of Probability
Week/Module 1 Wrap-up
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1
Assignment
1
Assignment
- Module 1 Graded Quiz
Module 2 Lesson 1: Probability Distributions
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6
Videos
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1
Assignment
1
Assignment
- Module 2 Lesson 1 Practice Quiz
6
Videos
- Module 2 Overview: Probability Distributions and Introduction to Monte Carlo Simulations
- Intro to Common Probability Distributions: Uniform Distributions
- Intro to Common Probability Distributions: Normal Distributions
- Normal Distributions Lab
- Intro to Common Probability Distributions: Exponential Distribution
- Exponential Distributions Lab
Module 2 Lesson 2: Continuing with Probability Distributions
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3
Videos
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1
Assignment
1
Assignment
- Module 2 Lesson 2 Practice Quiz
3
Videos
- Empirical Probability Distributions
- Histogram Lab Part 1
- Histogram Lab Part 2
Module 2 Lesson 3
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5
Videos
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1
Assignment
1
Assignment
- Module 2 Lesson 3 Practice Quiz
5
Videos
- Simulation Modeling
- Types of Simulation Modeling
- Best Practices for Simulation Modeling - What the Books Won't Tell You
- Tricks of the Trade Part 1
- Tricks of the Trade Part 2
Week/Module 2 Wrap-up
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1
Assignment
1
Assignment
- Module 2 Graded Quiz
Module 3 Lesson 1: Introduction to Monte Carlo Simulations
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5
Videos
5
Videos
- Module 3 Overview: Monte Carlo Simulations
- Simulating a Coffee Shop: Customers & Revenue
- Coffee Shop Simulation: Monte Carlo - Model 1
- Coffee Shop Simulation Lab
- Coffee Shop Simulation Lab Analysis
Module 3 Lesson 2: Continuing with Monte Carlo Simulations
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4
Videos
4
Videos
- Coffee Shop Simulation: Monte Carlo - Model 2
- Coffee Shop Model 2 Lab
- Coffee Shop Simulation: Monte Carlo - Model 3
- Coffee Shop Model 3 Lab
Module 3 Lesson 3: Digging Deeper into Monte Carlo Simulations
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5
Videos
5
Videos
- Coffee Shop Simulation: Monte Carlo - Model 4
- Coffee Shop Model 4 Lab Part 1
- Coffee Shop Model 4 Lab Part 2
- Coffee Shop Model 4 Lab Part 3
- Coffee Shop Simulation: Revenue Comparisons - Models 1, 2, & 4
Week/Module 3 Wrap-Up
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2
Assignment
2
Assignment
- Module 3 Practice Quiz
- Module 3 Graded Quiz
Week 4 Lesson 1: Counterfactual Analysis
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5
Videos
5
Videos
- Module 4 Overview: Counterfactual Analysis and Discrete Event Simulations
- Coffee Shop Simulation: Monte Carlo - Model 5
- Coffee Shop Weather Simulation Part 1
- Coffee Shop Weather Simulation Part 2
- Coffee Shop Simulation: Monte Carlo - Counterfactual Analysis
Week 4 Lesson 2: Discrete Event Simulation
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3
Videos
3
Videos
- Discrete Event Simulation
- Discrete Event Simulation: Basic Concepts & Definitions
- Discrete Event Simulation: Excel Lab Strategies
Week 4 Lesson 3: Simulations - Queuing
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4
Videos
4
Videos
- Excel Lab: Building Queues
- Simulating M/M/1 Queues
- Using Empirical Distribution to Simulate
- Using Percentile Distribution
Week 4 Lesson 4: Discrete Events Simulations
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3
Videos
3
Videos
- Creating X/Y/2 Simulations in Excel Part 1
- Creating X/Y/2 Simulations in Excel Part 2
- Summary of Discrete Event Simulation
Week 4 Module Wrap Up
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1
Videos
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2
Assignment
2
Assignment
- Module 4 Practice Quiz
- Module 4 Graded Quiz
1
Videos
- Course in Review & Congratulations
OPTIONAL Lesson: MSBA Program
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1
Videos
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2
Readings
1
Videos
- Carlson School of Management - MS in Business Analytics
2
Readings
- Carlson School of Management - MS in Business Analytics
- Management Information Systems (MIS) Research Center
Instructor
Alok Gupta