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Courses / Modules / MANG2089 Prescriptive Analytics II: Simulation Business

Prescriptive Analytics II: Simulation Business

When you'll study it
Semester 2
CATS points
ECTS points
Level 5
Module lead
Maxwell Chipulu
Academic year

Module overview

MANG2002 introduces simulation. As 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 (, one of the main simulation software vendors, 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 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 Simulationto model the operational behaviour of systems with complex queues such as hospitals, airports and supermarkets; and

(iii)System dynamics to model long-term, strategic problems such as the long term effects of government policy decisions on the health care system.