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Risk Simulation Queuing 051024

Begins 05/10/2024

Aim of Course:

This online course covers three important modeling techniques. Students will learn 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.