Simulation and Risk Analysis in Operations Management. 3 credits, 3 contact hours

Catalog description

Prerequisites: IE 331 (see undergraduate catalog for description) or equivalent. Introduction to the concepts, methodologies and applications of simulation in operations management. Foundations of simulation, Monte Carlo approaches, simulation models using spreadsheets, generating probabilistic outcomes using random number generation techniques, applying risk analysis software to spreadsheets for various decisions making. Variety of applications in operations management, finance and marketing. Software to develop models of practical operations management applications, is provided.