MANG2002 introduces simulation. An experimental technique, simulation is one the most widely used modelling techniques. This is because, unlike optimising techniques such as queuing theory, it requires few assumptions. As a result, analysts use it to solve a wide variety of complex real-life problems. It is very effective. For example, a quick look at the clients of the Simul8 corporation (http://www.simul8.com/) reveals a long and impressive list of organisations who apply simulation. Students who successfully complete MANG2002 acquire the practical skills needed to conduct a successful simulation project from scratch, and have a theoretical understanding that is essential for the effective use of this powerful decision-aiding tool. Specifically, students will acquire theoretical understanding of and develop practical modelling skills in using three types of simulation:
(i)Monte Carlo simulation using the @risk program in MS Excel spreadsheets to model complex but static problems for which changes over time are not important such as inventory control, forecasting and decision analysis;
(ii)Discrete Event Simulation using the Simul8 application to model the operational behaviour of systems with complex queues such as hospitals, airports and supermarkets; and
(iii)System dynamics using the Stella application to model long-term, strategic problems such as the long term effects of government policy decisions on the health care system.