MG308 Half Unit
Simulation Modelling and Analysis
This information is for the 2020/21 session.
Teacher responsible
Dr Alicia Mejia-Salazar
Availability
This course is available on the BSc in Management, International Exchange (1 Term) and International Exchange (Full Year). This course is available as an outside option to students on other programmes where regulations permit and to General Course students.
Pre-requisites
Elementary statistical concepts and experience of standard computer software is assumed.
Course content
The main characteristic of this course is that it is a hands-on course and of an extremely practical nature. Research shows that 90% of the largest organisations both in Europe and the USA use the techniques taught here to monitor their operations and especially in risk management. The aim of the course is to introduce students to the concepts, techniques and applied aspects of the development and analysis of simulation models. The course will cover two main approaches for modelling problems bound by uncertainty (stochastic behaviour): Monte-Carlo Simulation (static problems) and Discrete Event Simulation (dynamic problems). Topics covered will include: types of uncertainty; types of simulation modelling; sampling methods; the simulation process; structuring problems for simulation; running simulation models; analysing simulation outputs; risk analysis using simulated models; testing and validating simulation models; applications of simulation. Excel modelling is an integral part of Monte Carlo simulation and at the end of the course students will have a sound foundation on how to set up different Excel models. Additional tutorial examples will be provided both throughout the course, and posted on Moodle to help develop this very important skill.
Teaching
10 hours of lectures and 15 hours of classes in the LT.
An Excel help class may be held during reading week in Week 6.
Extended office hours to students who need it.
Formative coursework
Three individual or small-group assignments will be required during the course.
Indicative reading
JR Evans & DL Olson (2002) Introduction to Simulation and Risk Analysis. Prentice-Hall: Upper Saddle River, NJ; AM Law (2006) Simulation Modelling and Analysis. McGraw-Hill: Boston, 4th ed.; M Pidd (2004) Computer Simulation in Management Science. Wiley: Chichester, 5th ed.; S Robinson (2004) Simulation - The Practice of Model Development and Use, Wiley: Chichester; D Vose (2008) Risk Analysis - A Quantitative Guide, Wiley: Chichester, 3rd ed.
Assessment
Project (100%) in the ST.
The project will consist of a written document comprising of the following:
An individual management report (maximum 15 pages – excluding appendix) describing the modelling and results from a simulation study of a realistic decision problem. The problem will be defined by week 5 or 6 of the LT, the project should be completed by the beginning of the ST.
Important information in response to COVID-19
Please note that during 2020/21 academic year some variation to teaching and learning activities may be required to respond to changes in public health advice and/or to account for the situation of students in attendance on campus and those studying online during the early part of the academic year. For assessment, this may involve changes to mode of delivery and/or the format or weighting of assessments. Changes will only be made if required and students will be notified about any changes to teaching or assessment plans at the earliest opportunity.
Key facts
Department: Management
Total students 2019/20: 66
Average class size 2019/20: 17
Capped 2019/20: Yes (68)
Value: Half Unit
Personal development skills
- Team working
- Problem solving
- Application of information skills
