Simulation in Business & Health Analytics

Learning Objectives

Subject-related skills: Students are familiar with simulation problems arising in many practical applications and functional areas. They are able to model these simulation problems, and to understand the problem complexity.
Methodical skills: Students are able to implement their simulation models in standard software in order to solve the problems and interpret the solutions. Additionally, the students will gain insight into scripting tools within standard software such as pre-/postprocessing data, interaction with databases, and flow control in order to tackle more advanced problems.
Interdisciplinary skills: Students are able to apply what they have learned to other subjects of their course of study. Students are able to apply these skills in everyday life. In particular, students develop skills for critical understanding of the capabilities and limitations of the utilized simulation methods, which can be applied to other situations in life.
Key qualifications: Students are able to analyze questions from business life and problems from everyday life. In doing so, they develop critical thinking skills. Students develop the skills to present achieved results. Finally, they are able to make sound decisions in complex situations.

Subjects

Topics of the module include (but are not limited to) the following:

• Modeling of stochastic systems
• Structure of simulation models
• Implementation of simulation models with standard software
• Evaluation of stochastic systems by analyzing simulation models
• Integration of simulation and optimization
• Application of simulation to solve real-world problems