UMN - Simulation Models for Decision Making
- Offered byCoursera
Simulation Models for Decision Making at Coursera Overview
Duration | 17 hours |
Start from | Start Now |
Total fee | Free |
Mode of learning | Online |
Difficulty level | Beginner |
Official Website | Explore Free Course  |
Credential | Certificate |
Simulation Models for Decision Making at Coursera Highlights
- Shareable Certificate Earn a Certificate upon completion
- 100% online Start instantly and learn at your own schedule.
- Course 4 of 4 in the Analytics for Decision Making Specialization
- Flexible deadlines Reset deadlines in accordance to your schedule.
- Beginner Level Familiarity with Excel spreadsheets
- Approx. 17 hours to complete
- English Subtitles: English
Simulation Models for Decision Making at Coursera Course details
- This course is primarily aimed at third- and fourth-year undergraduate students or graduate students interested in learning simulation techniques to solve business problems.
- The course will introduce you to take everyday and complex business problems that have no one correct answer due to uncertainties that exist in business environments. Simulation modeling allows us to explore various outcomes and protect personal or business interests against unwanted outcomes. We can model uncertainties by using the concepts of probability and stepwise thinking. Stepwise thinking allows us to break down the problem in smaller components, explore dependencies between related events and allows us to focus on aspects of problem that are prone to changes due to future uncertainties.
- The course will introduce you to advanced Excel techniques to model and execute simulation models. Many of the Excel techniques learned in the course will be useful beyond simulation modeling. We will learn both Monte Carlo simulation techniques where overall outcome is of primary interest and discrete event simulation where intermediate dependencies between related events might be of interest. The course will introduce you to several practical issues in simulation modeling that are normally not covered in textbooks. The course uses a few running examples throughout the course to demonstrate concepts and provide concrete modeling examples.
- After taking the course a student will be able to develop fairly advanced simulation models to explore fairly broad range of business environments and outcomes.
Simulation Models for Decision Making at Coursera Curriculum
Week 1: Probability Concepts
Specialization Overview
Alok Gupta: A Personal Introduction
Simulation Models for Decision Making Course Overview
Module 1 Overview
Introduction to Probability
Axioms of Probability
Dice Simulation
Permutations
Permutations and Probability
State Space (Combinations)
Joint Probability
Simulate Rolling Two Dice Part 1
Simulate Rolling Two Dice Part 2
Two Dice Game
Rules of Probability
Module 1 Lesson 1 Practice Quiz
Module 1 Lesson 2 Practice Quiz
Module 1 Lesson 3 Practice Quiz
Module 1 Graded Quiz
Week/Module 2: Probability Distributions and Introduction to Monte Carlo Simulations
Module 2 Overview: Probability Distributions and Introduction to Monte Carlo Simulations
Intro to Common Probability Distributions: Uniform Distributions
Intro to Common Probability Distributions: Normal Distributions
Normal Distributions Lab
Intro to Common Probability Distributions: Exponential Distribution
Exponential Distributions Lab
Empirical Probability Distributions
Histogram Lab Part 1
Histogram Lab Part 2
Simulation Modeling
Types of Simulation Modeling
Best Practices for Simulation Modeling - What the Books Won't Tell You
Tricks of the Trade Part 1
Tricks of the Trade Part 2
Module 2 Lesson 1 Practice Quiz
Module 2 Lesson 2 Practice Quiz
Module 2 Lesson 3 Practice Quiz
Module 2 Graded Quiz
Week 3: Monte Carlo Simulations
Module 3 Overview: Monte Carlo Simulations
Simulating a Coffee Shop: Customers & Revenue
Coffee Shop Simulation: Monte Carlo - Model 1
Coffee Shop Simulation Lab
Coffee Shop Simulation Lab Analysis
Coffee Shop Simulation: Monte Carlo - Model 2
Coffee Shop Model 2 Lab
Coffee Shop Simulation: Monte Carlo - Model 3
Coffee Shop Model 3 Lab
Coffee Shop Simulation: Monte Carlo - Model 4
Coffee Shop Model 4 Lab Part 1
Coffee Shop Model 4 Lab Part 2
Coffee Shop Model 4 Lab Part 3
Coffee Shop Simulation: Revenue Comparisons - Models 1, 2, & 4
Module 3 Practice Quiz
Module 3 Graded Quiz
Week 4: Counterfactual Analysis and Discrete Event Simulations
Module 4 Overview: Counterfactual Analysis and Discrete Event Simulations
Coffee Shop Simulation: Monte Carlo - Model 5
Coffee Shop Weather Simulation Part 1
Coffee Shop Weather Simulation Part 2
Coffee Shop Simulation: Monte Carlo - Counterfactual Analysis
Discrete Event Simulation
Discrete Event Simulation: Basic Concepts & Definitions
Discrete Event Simulation: Excel Lab Strategies
Excel Lab: Building Queues
Simulating M/M/1 Queues
Using Empirical Distribution to Simulate
Using Percentile Distribution
Creating X/Y/2 Simulations in Excel Part 1
Creating X/Y/2 Simulations in Excel Part 2
Summary of Discrete Event Simulation
Course in Review & Congratulations
Carlson School of Management - MS in Business Analytics
Carlson School of Management - MS in Business Analytics
Management Information Systems (MIS) Research Center
Module 4 Practice Quiz
Module 4 Graded Quiz
Simulation Models for Decision Making at Coursera Admission Process
Important Dates
Other courses offered by Coursera
Student Forum
Anything you would want to ask experts?