To provide students with the knowledge and skills necessary for the creation and analysis of simulation models, which can be used to improve business processes. The acquisition of specific competencies is enabled through specialised knowledge of mastering simulation software tools: Solver, Risk Solver, and Arena Simulation. Specific competencies are developed through exercises and the creation of an independent assignment according to student preferences. In order to develop specific competencies, there is an option, by arrangement with a business entity, to go on field instruction to familiarise oneself with a specific business process for creating a business simulation.
Students will become familiar with the definition of simulations, the basic steps of the simulation process, the classification of simulations, the application of simulations, and software tools for simulations. In the course, students will theoretically and practically familiarise themselves with analytical simulation, optimization models, the objective function, resources, constraints, as well as profit maximisation, cost minimisation using the Solver tool for analytical modeling. Monte Carlo simulation will also be covered—including uncertainty (risk) in the simulation model, distributions used in simulations (normal, uniform, exponential, triangular, and others), implementation, and evaluation of Monte Carlo simulations using examples. Students will learn about Discrete simulations (process flow, capacities, constraints. Entities, attributes, events, activities, processes, waiting queues, simulation clock. Conceptual model of discrete simulation, activity cycle diagrams. Execution and evaluation of the discrete simulation model. Examples of discrete simulation application), Continuous simulations (concept and phases of system dynamics model development. Feedback systems. Positive and negative feedback. Resources, levels, rate of change of levels, decision-making functions. Examples of system dynamics application), and Business simulation games.
After completing the course, the student will be able to:
1. Differentiate concepts related to simulations and simulation modeling (model, business simulations, Monte Carlo simulations, discrete simulations, analytical simulations, continuous simulations, "what-if" analysis, simulation games, and other concepts covered in class).
2. Create a simulation model for a selected business process.
3. Analyse the created simulation model of the selected business process.
4. Interpret the results of the created simulation model in the context of the selected business process.
5. Propose potential improvements by conducting additional analyses of the existing model.
