Simulation Models for Decision Making

University of Illinois at Urbana-Champaign via Coursera

Overview

Delve into the realm of simulation modeling with this comprehensive course offered by the University of Illinois at Urbana-Champaign on Coursera, tailored for third- and fourth-year undergraduates as well as graduate students. Embark on a journey to master simulation techniques designed to tackle both everyday and intricate business challenges in environments filled with uncertainty. Learn how to leverage simulation to scrutinize various outcomes and safeguard against undesirable ones by understanding the role of probability and stepwise thinking in modeling uncertainties.

This course will empower you with advanced Excel skills for crafting and executing simulation models, techniques valuable beyond the confines of simulation modeling. Discover the intricacies of Monte Carlo simulation, focusing on overall outcomes, and discrete event simulation, where the interdependencies of events are crucial. Beyond textbook theory, this course addresses practical challenges in simulation modeling, using ongoing examples to clarify concepts and offer tangible modeling practices.

Upon completion, students will be equipped to develop sophisticated simulation models to navigate and analyze a wide array of business scenarios and outcomes, enhancing their expertise in Statistics & Probability, Data Analysis, and Business Intelligence.