AMS3000 - Simulation Methods for Business

Year of Study:3 - 4
Credit Units: 3
Duration: 45hours
Prerequisites: AMS1001 Introduction to Linear Algebra and Calculus or with the Instructor’s
permission and upon endorsement of the relevant Chairperson or Programme
Module Description
This module aims to enable students to understand and appreciate the
principles and methods of system simulation. Topics selected include methods
for simulation of discrete and continuous random variates, discrete system
simulation packages, tactical planning in simulation models and statistical
validation techniques. The emphasis is placed on the process and model
building techniques in formulating a stochastic model to describe a real
phenomenon. Various practical business problems are to be modelled,
discussed, and simulated through computer simulation.
Learning Outcomes
Upon completion of this module, students should be able to:

  1. understand the basic concepts and theories of simulation;

  2. apply statistical techniques to construct models for real-world systems;

  3. apply statistical knowledge and techniques to verify and validate simulation models; and

  4. analyse and interpret simulation outputs in a scientific and concise manner.