Course

Course Summary
Credit Type:
Course
ACE ID:
STAT-0010
Organization's ID:
#621
Organization:
Statistics.com
Location:
Online
Length:
8 weeks (120 hours)
Dates Offered:
Credit Recommendation & Competencies
Level Credits (SH) Subject
Graduate 3 decision science
Description

Objective:

The course objective is to explain how to (1) construct and implement simulations to model the uncertainty in decision input variables (e.g. price, demand, etc.) and supplement the overall estimate of interest by a risk interval of possible other outcomes using risk simulation; (2) model the variability in arrivals over time (customers, cars at a toll plaza, data packets, etc.) and ensuing queues, using queuing theory; (3) how to employ decision trees to incorporate information derived from models to actually make optimal decisions.

Learning Outcomes:

  • use simulation to describe and measure the impact of uncertainty on decision problems
  • Use optimization techniques with simulation to mitigate and manage risk
  • Study queuing models used to describe and manage the behavior of waiting lines
  • learn to use payoff tables, decision trees, multi-criteria scoring models, and AHP to analyze decisions problems.
  • construct and implement simulations models
  • Employ decision trees to make optimal decisions
  • employ spreadsheet based software to specify and implement models

General Topics:

  • Risk analysis
  • Advanced simulation
  • Queuing
  • Multistage decision problems
Instruction & Assessment

Instructional Strategies:

  • Classroom Exercise
  • Coaching/Mentoring
  • Computer Based Training
  • Discussion
  • Practical Exercises
  • Project-based Instruction

Methods of Assessment:

  • Other
  • Quizzes
  • Project

Minimum Passing Score:

80%
Supplemental Materials