Simulation Models and Decision-making Dynamics
This module delves into the impact of environmental dynamics on organizational performance and decision-making. Students will develop skills in modeling and simulation, focusing on discrete-event simulation and System Dynamics. Assessment is through group coursework and essays, with developmental feedback provided to enhance learning outcomes.
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Presentation Transcript
Simulation for Decision Support - 19BSC067
About This Module The aims of this module are to: Develop a critical appreciation of how the dynamics of the environment in which organisations work impact on their performance and decisions; Develop skills in modelling and simulation of business dynamics as an aid to decision-making; Build on students' industrial placement experiences; Develop students' skills in using computer packages
Module content Key stages in developing and using simulation models in business Facilitated modelling Use simulation software to develop models We focus on 2 simulation methods: discrete-event simulation (DES) and System Dynamics (SD). Critical evaluation of the use and relevance of simulation in management decision making. Model Verification & Validation and Ethics
Teaching and Learning Lectures (11x2hr): taught lectures, guest speakers. Computer lab sessions with practical exercises (x6) Independent study group & individual
Assessment and Feedback No Exam 100% coursework 1. Group Coursework (50%) You will build a discrete event simulation model & produce a report (max 2000 words) Feedback: Written feedback on the work submitted will be provided. 2. Essay (50%) You will prepare a short essay on the use of alternative simulation methods in management and business (max 1500 words) Feedback: Individual written feedback will be provided.
Assessment and Feedback Developmental feedback is available to students through: Dialogue between students and staff in class sessions; Individual support; Interaction and advice in IT lab sessions.
Wider skills & knowledge development Knowledge Learn about two different simulation modelling approaches; Learn about the use of simulation and facilitated simulation in management and business; The key stages in developing and using simulation models and apply the approaches to real business problems; Use appropriate simulation software to develop models as an aid to decision-making. Skills Build simulation models, following relevant modelling procedures and activities. Demonstrate competence in a range of computer packages;
Why choose this module? Different to other modules Further develop and learn new skills (modelling skills, problem solving skills) much sought after in the industry Offers a good balance of technical/practical and theoretical knowledge. Appreciate how simulation can help organisations improve their performance Gain experience of designing a project & report writing For further information contact Dr. Antuela Tako (a.takou@lboro.ac.uk)
Core Reading materials Discrete-Event Simulation * Robinson, S. (2014). Simulation: The Practice of Model Development and Use, 2nded. Palgrave, London. (1stedition equally useful) System Dynamics * Morecroft, J. (2015). Strategic Modelling and Business Dynamics: A Feedback Systems Approach. Wiley, Chichester, 2ndEdn. Discrete-Event Simulation and System Dynamics *Sally Brailsford, Leonid Churilov, Brian Dangerfield (eds) (2014) Discrete-event simulation and system dynamics for management decision making. http://dx.doi.org/10.1002/9781118762745
