HU Credits:
3
Degree/Cycle:
2nd degree (Master)
Responsible Department:
Business Administration
Semester:
1st Semester
Teaching Languages:
Hebrew
Campus:
Mt. Scopus
Course/Module Coordinator:
Dr. Binyamin Oz
Coordinator Office Hours:
Teaching Staff:
Dr. Binyamin Oz
Course/Module description:
This course deals with the construction, analysis, and simulation of stochastic models that are often used to optimize business decisions under uncertainty.
Course/Module aims:
The course will provide students with a broad insight into the use of stochastic models in business analysis. The material will be developed and presented with extensive reference to practical aspects. Throughout the course, examples and illustrative problems will be presented and solved by building an appropriate model and analyzing it analytically and by simulation.
Learning outcomes - On successful completion of this module, students should be able to:
Analyze business related problems that involve randomness by constructing a suitable probabilistic model and analyze it using analytical and/or simulation methods.
Attendance requirements(%):
Teaching arrangement and method of instruction:
Lectures, homework assignments, and final project work.
Course/Module Content:
We will focus more on examples rather than theory while using computer programming to simulate stochastic processes. Topics to be taught include:
- Discrete time Markov chains.
- Non-negative random variables and concepts of Renewal Theory.
- The exponential distribution and the Poisson process.
- Continuous time Markov chains.
- Queuing Theory: single server queues, priority queues, strategic behavior in queues.
- Simulation of random variables and stochastic processes.
Required Reading:
A selection of chapters from:
-Barry L. Nelson 2012. Stochastic Modeling: Analysis and Simulation.
-Mor Harchol-Balter 2013. Performance Modeling and Design of Computer Systems.
-Moshe Haviv 2013. Queues: A Course in Queueing Theory.
Additional Reading Material:
Grading Scheme :
Essay / Project / Final Assignment / Home Exam / Referat 70 %
Submission assignments during the semester: Exercises / Essays / Audits / Reports / Forum / Simulation / others 30 %
Additional information:
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