If you want to learn all about
children's fantasy literature, you'd jump at the chance to attend a private
class with J.K. Rowling.
In the world of operations
research, Cliff Ragsdale stands at the top with his optimization and simulation
textbook, "Spreadsheet Modeling and Decision Analysis," #1 in the
world. Cliff is Bank of America
Professor of Business Information Technology at Virginia Tech, you can meet him
in his online course "Risk Simulation and Queuing" at Statistics.com. Please
visit for more details at http://www.statistics.com/queueing.
This course begins with the
specification of risk analysis simulations and interpretation of their output. It
goes on to cover the science and structure of optimal decision-making: payoff
matrices, types of expected value, decision trees. It also covers queuing theory, and closes
with a discussion of multi-stage decisions.
The software used is Risk Solver
Platform, from Frontline Systems. If you
don't already have a licensed copy of Risk Solver Platform, you will be
provided with a license for the course so you can use all the features and
capabilities.
Who Should Take This Course?
Business analysts with responsibility for
specifying, creating, deploying or interpreting quantitative decision
models. Users of risk analysis or
queuing software who need to attain a more solid grounding in the subject.
Course Program:
Course outline: The course is structured as follows
SESSION 1: Risk Analysis
- Simulation
- Interpreting
output
- Implementing
& optimizing the model
SESSION 2: Advanced Simulation
- Poisson
distribution, arrival rate
- Service
rate
- Operating
characteristics
SESSION 3: Queuing
- Mastering
complexity
- Payoff
matrix
- Decision
rules
- Expected
monetary value
- Expected
regret
- Expected
value of information
- Decision
trees
SESSION 4: Multistage Decision
Problems
- Risk
profile
- Sensitivity
analysis
- Tornado
charts
- Using
sample information
- Conditional
probabilities
- Utility
functions
Cliff T. Ragsdale is Professor of
Business Information Technology. His primary research interests involve
applications of quantitative modeling techniques to managerial decision making
problems using microcomputers. Dr. Ragsdale has served as a consultant for a
variety of organizations including General Mills, The World Bank, Frontline
Systems, and Dominion Energy. His research has been published in Decision
Sciences, Naval Research Logistics, Operations Research Letters, Computers and
Operations Research, OMEGA, Personal Financial Planning, Financial Services
Review, Decision Support Systems, and a number of other scholarly journals. He
is a Fellow of Decision Sciences Institute and a member of INFORMS. He has also
served as the faculty advisor for the Virginia Tech student chapter of APICS
and on the Board of Directors for the Southwest Chapter of APICS.
This course takes place over the internet at
the Institute for 4 weeks. During each course week, you participate at times of
your own choosing - there are no set times when you must be online. Course
participants will be given access to a private discussion board so that they will be able to ask
questions and exchange comments with instructor, Dr. Cliff Ragsdale. In class discussions led by the instructor, you can post
questions, seek clarification, and interact with your fellow students and the
instructor.
The course typically requires 15 hours per
week. At the beginning of each week, you receive the relevant material, in
addition to answers to exercises from the previous session. During the week,
you are expected to go over the course materials, work through exercises, and
submit answers. Discussion among participants is encouraged. The instructor
will provide answers and comments, and at the end of the week, you will receive
individual feedback on your homework answers.
For Indian participants statistics.com accepts registration for its courses
at special prices in Indian Rupees through its partner, the Center for
eLearning and Training (C-eLT), Pune.
For
More details contact at
Call:
020 66009116
Websites:
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