This course introduces students to technologies and practices for simulation used to model complex systems. It covers modeling and risk assessment approaches with a focus on continuous and discrete event simulation. The topics on statistical input and output data analysis, systems modeling using a simulation software, verification and validation issues will be covered as well. More advanced topics like Markov Chain and Time-series simulation will be discussed by case studies. Examples will be introduced from real applications. Throughout the course, Microsoft Excel and SIMUL8 will be used as the simulation tools. Students will be able to:
- Explain the basic concepts of simulation and its utility in solving real-world financial and risk problems.
- Apply mathematical and statistical knowledge and modelling techniques required to construct simulation models for real-world systems.
- Apply statistical knowledge and techniques to verify and validate simulation models.
- Analyze and interpret simulation outputs.
- Present results of simulation analysis.