Skip to main content
Modules
Courses / Modules / MANG2002 Business Simulation

Business Simulation

When you'll study it
Semester 2
CATS points
15
ECTS points
7.5
Level
Level 5
Module lead
Maxwell Chipulu
Academic year
2021-22

Module overview

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.

Back to top