Introduction to the Course
Simulation is the imitation of the operation of a real world system over time. The real world of marketing, manufacturing, sales forecasting and distribution of a product or line of products can be converted into mathematical-logical models that can be manipulated by a digital computer. Simulation is one of the most widely used Analytical techniques of management science.
Simulation is one of the major Analytics methodology used to assess different scenarios based on various internal and external factors, which in turn helps the management to make effective planning for various scenarios. Simulation modeling can be used both as an analysis tool for predicting the effect of changes in existing systems and as a design tool to predict the performance of new systems under varying sets of circumstances. This course is designed to prepare the students in the use of simulation modeling for managerial decision making.
Course Objectives:
- Introduce the concept of Simulation Modeling for the analysis of business problems and formulate solutions.
- Develop simulation models for specific business systems such as Queueing systems, inventory systems, project management, financial systems, assembly systems
- Develop Simulation models for real life projects.
- Perform Scenario Analysis
- Faculty: Chandrasekhar Subramanyam