Simulation Modeling In Ops Management

OIM3519 Simulation Modeling in Operations Management
(Formerly MOB3519)
4 Advanced Management Credits

Students who took this as MOB3519 cannot register for this course

This course exposes students to simulation modeling techniques of various operational challenges. Simulations imitate realistic business environment and enable participants to explore the impact of their operational decisions. Decision making in simulation models enables decision makers to evaluate alternative decisions, before the changes are implemented in actual operations and prevents potentially costly mistakes. The real value of simulations is actually revealed after the decision is made, which is the critical component of this course.

In this course, students will first identify a problem, collect or analyze the data, formulate and validate the simulation model, and finally simulate alternative outcomes to recommend the appropriate decision. Once the decision is implemented in the model, the future condition of the business environment is randomly changed, and impact of the decision is analyzed and re-assessed. The analysis will use simulation model to evaluate and predict impact of the decision making on profit, society and environment, combined with regulatory and ethical considerations.

The course is composed of four independent simulation building modules, and a final project. Students will work in groups and individually to create four guided simulation models. Final project is a semester-long activity where students will have the opportunity to build simulation model in the field of their interest or chose from a list of topics proposed by Babson community. During the semester, students will spend approximately equal amount of time on advanced data analytics and operations management topics. The underlying principle of the course is to learn by experience, learn practical model building skills, and emphasis on the analysis of the simulation results, and the impact of various decision alternatives.

Prerequisites: (QTM1000 or AQM1000) and (SME2002 or OIM2001)