Simulation Model in Operations Research
Monte Carlo Simulation
Description
Simulation is a technique used for evaluating alternative course of action based upon facts and assumption with a computerized mathematical model in order to represent actual decision making under conditions of uncertainty. Simulation is a method of solving decision making problem by designing ,constructing and manipulating a model of the real system. It is a useful technique for solving a business problem where many values of the variables are not known or partly known in advance and there is no easy way to find these values. Simulation may be defined as a “quantitative technique that uses a computerized symbolic model in order to represent actual decision making under uncertainty for determining alternative alternative courses of action based upon facts and assumptions.”
Simulation is probably the most important technique used in analyzing a number of complex systems where analytical methods are either difficult or not known .Basically it is a technique of manipulating a model through a process of imitation .It normally involves a large number of computations .Whenever mathematical models for getting an analytical solution does not exist , simulation method enables us to obtain a numerical solution to the problem. A simulation model may be considered to be to be consisting of two basic phases , namely , Preliminary Worksheet and Final Worksheet. In this course , the students will learn:
Concept of Simulation
Mechanism of Monte Carlo Method
Solution of Queuing Problems using Simulation
Solution of Inventory Problems using Simulation
Solution of Financial Problems using Simulation
Solution of Maintenance Problems using Simulation
What You Will Learn!
- Simulation Model
- Monte Carlo Model
- Solution of Inventory Problems using Simulation
- Solution of Finance Related Problems using Simulation
- Solution of Waiting Line Problems using Simulation
Who Should Attend!
- Graduation Students, Management Students, MBA, BBA, Commerce students, Data Analytics students