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Course Description

Operations managers need to make decisions about how to use resources most effectively to enable the organization to satisfy customers while also maximizing profits. One difficulty in this effort is the variability — as well as the sometimes unpredictable nature — of elements that are a part of the decision. For example, how can one know how much inventory to have on hand or servers to schedule when demand can vary by the day and even by the hour? In this lesson, you’ll explore the use of the Monte Carlo simulation technique, one of the most popular ways to model situations that include uncertainty. Using Microsoft Excel, you will practice defining and building decision trees and Monte Carlo simulations to support robust decision making. For the best experience, complete "Decision Support Models for Operations: Formulate and Solve Optimization Problems" before taking this lesson.

Benefits to the Learner

  • Explore the use of the Monte Carlo simulation technique to model situations that include uncertainty
  • Practice defining and building decision trees and Monte Carlo simulations to support robust decision making
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Type
self-paced (non-instructor led)
Dates
Feb 03, 2022 to Dec 31, 2030
Total Number of Hours
2.0
Course Fee(s)
Regular Price $0.00
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