Chevron Left
Back to Simulation Models for Decision Making

Learner Reviews & Feedback for Simulation Models for Decision Making by University of Minnesota

4.5
stars
30 ratings

About the Course

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....

Top reviews

Filter by:

1 - 9 of 9 Reviews for Simulation Models for Decision Making

By NB

Mar 8, 2023

Strongly recommended and excellent course in the simulation modeling for business management, information theory and decision making. It requires some relevant mathematical thinking and of course the previous 3 courses of this specialization.

This course of Simulation Models is built on the main concepts of applied Probability Theory: Simulation, Permutation and Combinatorics using Excel or Google Sheet. The main topics cover distributions and cumulative probability, probability distribution, chi-squared test and advanced modeling of random generating numbers.

The case studies is about sensitivity analysis in decision making science such as: Monte-Carlo simulation using a simple risk modeling example, discrete-event simulation and counterfactual analysis. All examples are implemented in Excel and some general information about advanced programming if needed. The general approach of this course and whole specialization is about information management and business modeling skills. I am very satisfied of the final gain by learning these 4 courses.

P.S. It is not an introductory level specialization. Prior exposure to university classes in mathematics like general calculus, probability and statistics may help.

By Chananthorn S

Oct 10, 2021

Simulation Model is very complexity for data analysis but in this course have many Discrete Event case for practice and finally you can decision how to use suitable model and how to fixed value for create your business strategy through the data that you have.

By CHIN W L

Jun 5, 2021

I learned a lot of interesting knowledge from this course and the specialization in general.

By Anibal C

Jan 8, 2022

Fantastic course, a great way to learn about simulations

By Chow K M

Oct 8, 2021

Great exposure to the techniques of simulation.

By NASSER Y M A

Feb 7, 2023

nice but boring

By Auref R

Jul 1, 2021

Perfect

By Olivier J

Jan 15, 2022

I liked the clear explanations. I can now understand what "montecarlo simulations" are !

I also learned a lot on Excel, I did not know such simulations were possible on Excel. Great.

By Sophia C

Aug 19, 2021

i did not like this course. The visual material is 'old style' power point with very text heavy slides which at times had cheezy 'clip art' animations of dice or students switching chairs running at a high speed in the background. (The purpose was to illustrate chance events.)

The professors are well qualified but the visual material was so poor and distracting to me I decided not to finish this course and seek a better one. I suggest a total re-do of the visual material with a designer and modern graphics.