Course

Credit Type:
Course
ACE ID:
STAT-0010
Version:
4
Organization's ID:
621
Organization:
Statistics.com
Location:
Online
Length:
4 weeks
Minimum Passing Score:
73
ACE Credit Recommendation Period:
Credit Recommendation & Competencies
Level Credits (SH) Subject
Upper-Division Baccalaureate 3 Decision Science
Description

Objective:

The course objective is to cover three important modeling techniques. Students learn how to construct and implement simulation models to model (1) the uncertainty in decision input variables (e.g., price, demand) so that the overall estimate of interest from a model can be supplemented by a risk interval of possible other outcomes (risk simulation), and (2) the variability in arrivals over time (customers, cars at a toll plaza, data packets, etc.) and ensuing queues (queuing theory). Students also learn how to employ decision trees to incorporate information derived from models to make optimal decisions. Students use spreadsheet-based software to specify and implement models.

Learning Outcomes:

  • Use payoff tables, decision trees and multi-criteria scoring models to analyze decisions problems.
  • Use simulation to describe and measure the impact of uncertainty on decision problems.
  • Use optimization techniques with simulation to mitigate and manage risk.
  • Understand how queuing models are used to describe and manage the behavior of waiting lines.

General Topics:

  • Risk Analysis
  • Advanced Simulation
  • Queuing
  • Multistage Decision Problems
Instruction & Assessment

Instructional Strategies:

  • Discussion
  • Lectures
  • Practical Exercises
  • Textbook readings

Methods of Assessment:

  • Other
  • Graded practical exercises and discussion forums
Supplemental Materials
Equivalencies

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