Risk Simulation and Queuing

Risk Simulation and Queuing

taught by Cliff Ragsdale

 

 
Close Popup

cap , informs

Aim of Course:

This online course, "Risk Simulation and Queuing" covers three important modeling techniques.  Students will learn how to construct and implement simulation models to model (1) the uncertainty in decision input variables (e.g. price, demand, etc.), 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 will also learn how to employ decision trees to incorporate information derived from models to actually make optimal decisions.  Students will use spreadsheet-based software to specify and implement models.

This course may be taken individually (one-off) or as part of a certificate program.
Course Program:

WEEK 1: Risk Analysis

  • Simulation
  • Interpreting output
  • Implementing & optimizing the model

WEEK 2: Advanced Simulation

  • Poisson distribution, arrival rate
  • Service rate
  • Operating characteristics

WEEK 3: Queuing

  • Mastering complexity
  • Payoff matrix
  • Decision rules
  • Expected monetary value
  • Expected regret
  • Expected value of information
  • Decision trees

WEEK 4: Multistage Decision Problems

  • Risk profile
  • Sensitivity analysis
  • Tornado charts
  • Using sample information
  • Conditional probabilities
  • Utility functions

HOMEWORK:

Homework in this course consists of short answer questions to test concepts and guided data analysis problems using software.

Risk Simulation and Queuing

Who Should Take This Course:
Risk managers, financial analysts, project managers, operations managers, and others with responsibility for specifying, creating, deploying or interpreting risk analysis and queuing models.  Users of risk analysis or queuing software who need to attain a more solid grounding in the subject.
Level:
Introductory
Prerequisite:
  • Facility with spreadsheet operations 
Organization of the Course:
Options for Credit and Recognition:

Specialization:
Specializations are an easy way for you to demonstrate mastery of a specific skill in statistics and analytics. This course is part of the Optimization Specialization which discusses linear programming, nonlinear programming, network flow, decision analysis, queuing, simulation.

Course Text:

Spreadsheet Modeling & Decision Analysis, Eighth edition by Cliff Ragsdale. This text is also used in Optimization: Linear Programming and Integer & Nonlinear Programming and Network Flow.

 

Software:
The course uses Analytic Solver Platform for Education software by Frontline systems.  Analytic Solver Platform for Education is an add-in for Excel that performs risk analysis, simulation, optimization, decision trees and other analytical methods.  With the purchase or rental of the book, you will have a course code that will enable you to download and install the software for 140 days. If you do not have such a license, a license is also available for course registrants through Statistics.com.   Please do not install the regular public trial copy of the software on your own; when the course starts we will provide you with the complete installation instructions to obtain the appropriate copy of the software.
Instructor(s):

Dates:

May 03, 2019 to May 31, 2019 November 15, 2019 to December 13, 2019 May 01, 2020 to May 29, 2020 November 13, 2020 to December 11, 2020

Risk Simulation and Queuing

Instructor(s):

Dates:
May 03, 2019 to May 31, 2019 November 15, 2019 to December 13, 2019 May 01, 2020 to May 29, 2020 November 13, 2020 to December 11, 2020

Course Fee: $589

Do you meet course prerequisites? What about book & software? (Click here to learn more)

We have flexible policies to transfer to another course, or withdraw if necessary (modest fee applies)

Group rates: Click here to get information on group rates. 

First time student or academic? Click here for an introductory offer on select courses. Academic affiliation?  You may be eligible for a discount at checkout.

Register Now

Add $50 service fee if you require a prior invoice, or if you need to submit a purchase order or voucher, pay by wire transfer or EFT, or refund and reprocess a prior payment. Please use this printed registration form, for these and other special orders.

Courses may fill up at any time and registrations are processed in the order in which they are received. Your registration will be confirmed for the first available course date, unless you specify otherwise.

The Institute for Statistics Education is certified to operate by the State Council of Higher Education in Virginia (SCHEV).

Contact Us
Have a question about a course before you register? Call us. We're here for you. (571) 281-8817 or ourcourses (at) statistics.com

Want to be notified of future courses?

Yes
Student comments