MASTER OF BUSINESS ADMINISTRATION (AY 2025-26)

COURSE- OUTLINE

Course Code BAT7708 Module

Title of the Course Business Simulation Credit 2
Course Email ID [email protected]
Prerequisites
Course Facilitator Dr. Mashkur Zafar Contact No. 9899171681

COURSE DESCRIPTION:
This course immerses students in the strategic analysis and decision-making processes required to
navigate complex business environments. Through simulations, students will confront real-world
uncertainties, learning to anticipate, evaluate, and respond to various outcomes. Emphasizing a
stepwise thinking approach, the course teaches students to deconstruct complex problems, identify
interdependencies, and focus on key factors that may shift with future uncertainties.
Key topics include Probability Distributions, Monte Carlo Simulations, and Discrete Event
Simulations, enabling students to model and predict potential business scenarios. Additionally,
students will gain insights into simulation design principles, variance reduction methods,
complemented by modules on storytelling and immersive experience design to enhance engagement
and understanding. By the end of the course, students will be equipped with critical skills to simulate,
analyse, and make data-driven decisions under conditions of uncertainty, supporting effective risk
management and strategic planning in dynamic business contexts.

PEDAGOGY / TEACHING METHODOLOGY:

The course will be taught with PowerPoint presentation and software’s and excel sheets. All
software’s will be installed on the first day of the lecture. Excel sheets of the numeric (data), to be
solved during the class, would be sent to you well in advance. These would be solved in class. The
students are advised to form groups of 4. After six sessions are over; the students will have to
undertake group projects. The list of projects is given below. Every student is required to participate in
the discussions.

Reference Readings
No. Book Title Author(s) (Year), Edition, Publication
Simulation and statistics with Excel: An
1 introduction to business students Ibarra, L. F. (2024). CRC Press.
Principles of modeling and simulation: A Sokolowski, J. A., & Banks, C. M. (Eds.). (2009).
2 multidisciplinary approach John Wiley & Sons, Inc.
3 Simulation modeling and analysis Law, A. M. (2015) (5th ed.). McGraw-Hill Education.
Handbook of real-world applications in modeling Sokolowski, J. A., & Banks, C. M. (Eds.). (2012).
4 and simulation John Wiley & Sons, Inc.
Guerrero, H. (2010). Springer.
5 Excel data analysis: Modeling and simulation https://doi.org/10.1007/978-3-642-10835-8
An introduction to management science: Anderson, D. R., & Sweeney, D. J. (2019) (15th ed.).
6 Quantitative approaches to decision making Cengage Learning.
Taha, H. A. (2017) (10th ed., Global ed.). Pearson
7 Operations research: An introduction Education Limited.
 Spreadsheet modeling and decision analysis: A
8 practical introduction to business analytics Ragsdale, C. T. (2022) (9th ed.). Cengage Learning.
COURSE LEARNING OUTCOMES (CO-PO Mapping)

At the end of the course a participant is expected to accomplish the following course learning
outcomes

Course Learning Outcomes Bloom’s PO PO PO PO PO PO

Level 1 2 3 4 5 6

CO Understand the importance of Understand 2

1 Simulations in Business problems

CO Evaluating future outcomes and Evaluate 2 2 1

2 chain of events

CO Applying various simulation Apply 3 2 1 3

3 techniques

CO Understanding qualitative aspects of Understand 2

4 simulation

CO Create a strategy for business Create 4 3 3 3

5

Course Evaluations

Components of Course Weigh Course Outcomes Program

Evaluation t Outcomes

Home assignment 20 % CO1,CO2 PO1, PO3, PO4

Guided Project 40% CO1, CO2, CO3, CO4, CO5 PO1, PO3, PO4, PO6

End Term Assessment 40% CO1, CO2, CO3 PO1, PO3, PO4, PO6

COURSERA COURSE:

1. Simulation Models For Decision Making (https://www.coursera.org/learn/simulation-models-for-

decision-making )
2. Modeling Risk and Realities (https://www.coursera.org/learn/wharton-risk-models )

UDEMEY COURSE:
1. Applied Monte Carlo Simulation (https://www.udemy.com/course/applied-monte-carlo-
simulation/?couponCode=IND21PM )
2. Decision Modeling and Risk Analysis with Excel (https://www.udemy.com/course/decision-
modeling-with-excel/?couponCode=IND21PM )
DETAILED SESSION PLAN

Cases/Video/Addl.
No. Major Topics Covered Textbook
Readings

Course Introduction and Ragsdale,

Course Introduction Video
Session 1 Overview of Simulation Chapter 12

Case Study: Historical Sokolowski

History and Applications of
Applications of Simulation in & Banks
Simulation
Session 2 Business and Industry (Chapter 1)

Sokolowski
The Role of Modeling in Video: “Simulations for
& Banks
Decision-Making Problem Solving”
Session 3 (Chapter 2)

Designing Simulation
Banks
Models: Principles and Example Models in Excel
(Chapter 3)
Session 4 Validations

Taha
Types of Simulations and (Chapter
Discussion on Discrete and
Elements of Discrete Event 19.2),
Continuous Simulations
Simulation Sokolowski
Session 5 & Banks

Taha
Basics of Probability (Chapter
Business Case: Corporate
Distributions & Introduction 19.1) &
Health Insurance
to Monte Carlo Simulations Ragsdale
Session 6 Ch12

Random Number
Taha
Generation for Simulation
In-Class Exercises (Chapter
and Queue Modeling and
19.4)
Session 7 Simulation

Sokolowski
& Banks
Queue Modeling and Case Study: Simulation of (Chapter 4),
Simulation Customer Queues in Retail Ragsdale
(Chapter
Session 8 12)

Session 9 Spreadsheet-Based Exercise: Single-Server Taha

Simulation Modeling Simulation Model with Excel (Chapter
19.5.2),
Ragsdale
(Chapter
 12)

Taha
Sampling from Probability Interactive Exercise: Sampling
(Chapter
Distributions Techniques with Excel
Session 10 19.3.2)

Taha
Mechanics of Discrete Multiple -Server Simulation
(Chapter
Event Simulation Model
Session 11 19.5.1)

Methods for Gathering and Taha

Hands-on: Subinterval and
Analyzing Statistical (Chapter
Replication Methods
Session 12 Observations 19.6)

Case Study: Real-world Sokolowski

Verification and Validation
Examples of Simulation & Banks
Techniques
Session 13 Validation (Chapter 6)

Anderson &
Sweeney
Sanotronics Case Study on (Chapter
Scenario and What-If
Best, Worst, and Base Case 12.1),
Analysis
Scenarios Ragsdale
(Chapter
Session 14 12)

Risk Analysis,
Simulation Using Analytic Best-Case/Worst-Case Ragsdale
Solver, Sensitivity Analysis Analysis, What-If Analysis, (Chapter
and Risk Analysis, Corporate Health Insurance 12)
Session 15 Case

Anderson &
Simulation Applications in Practical: Simulation for Butler Sweeney
Inventory Management Inventory Problem (Chapter
Session 16 12)

Counterfactual Analysis Supplement

Exercises on Scenario Building
Session 17 and Alternative Futures ary Material

Power BI
Storytelling by Data Using
Video Demonstration Video
Power BI
Session 18 Tutorial

Course
Materials
Reflection Activity: Key
Summary and Course Review,
Takeaways and Applications of
Review, Project Viva Help on
Simulation in Industry
Projects
Session 19 assigned
 Session 20 Project Viva Group Presentation and Viva Discussion

PROJECT(S)/ASSIGNMENT(S) DETAILS AND EVALUATION CRITERIA

STUDENT PROJECT REPORT GUIDELINES

Each group of 4-5 students will work on a simulation-based project centered around real-world
business scenarios. The group is responsible for collecting and analyzing data, conducting thorough
research, and developing a comprehensive project report covering all assigned topics. In a group of
four, each student will focus on one of the first four topics, and together, the group will submit a
combined report. Additionally, they are required to create a data dashboard in Power BI as part of
their project submission. Project presentations and vivas will be scheduled during the final sessions
of the course.
PROJECT TOPICS:
1. Share Price Simulation
2. Queueing Simulation
3. Inventory Simulation
4. Project Planning Simulation
5. Data Visualization & Storytelling Using Power BI

Each topic has been reformulated into specific project problems, which are outlined on a separate
sheet on the following page. These problems serve as a guide for data collection and organization,
helping students structure their approach. Note: The data provided in these examples is only for
reference and should not be used directly in your analysis. Additional discussions regarding data
handling, methodologies, and project expectations will be held in class.

PROJECT REPORT REQUIREMENTS:

The report should be comprehensive and cover the following sections:

Abstract – Brief overview of the project and objectives.

Introduction – Background and relevance of the chosen simulation topic.
Literature Review – Summary of existing research and frameworks related to the topic.
Methodology – Explanation of data collection, model design, and simulation techniques.
Data Analysis/Explanation – Presentation and interpretation of simulation results.
Insights and Conclusions – Key takeaways and potential business implications.
Bibliography and References – Properly cited sources and references used.
Plagiarism must be within the acceptable limit, which will be specified by the instructor.

Evaluation Criteria: The project will be evaluated based on the following parameters:

Depth and Detail of research and analysis

Comprehensiveness of the study
Data Collection Approach – originality, relevance, and structure
Report Quality – clarity, organization, and professionalism
Presentation Skills – effectiveness in communicating findings during the viva
Grading: The project carries a total of 40 marks.

IMPORTANT GUIDELINES TO THE STUDENTS/PARTICIPANTS:

1. Preparation and Pre-Reads: Students must review all essential pre-reading materials before
each session. This foundational preparation is crucial for meaningful participation and will
enhance their understanding of the topics covered in class.
2. Active Participation: Students are encouraged to actively engage in discussions, share insights,
and ask questions. Active participation not only enriches the learning experience but also
fosters a collaborative learning environment.
3. Supplementary Learning: Completing relevant online courses on platforms like Coursera,
Udemy, or similar is strongly recommended. These courses provide additional perspectives,
tools, and case studies that complement classroom learning and help students gain practical
skills.
4. Office Hours and Clarifications: Students are encouraged to take advantage of designated
office hours for one-on-one discussions with the professor. This time is ideal for seeking
clarification on complex topics, discussing projects, or delving deeper into areas of interest.
5. Self-Directed Learning: In addition to class materials, students are encouraged to explore
additional resources, articles, and case studies relevant to the course. This proactive approach
will broaden their understanding and help them apply concepts to real-world scenarios.

OFFICE HOURS FOR STUDENTS

Name of the Faculty Timing | Online/In-person
Dr. Mashkur Zafar 3 hours of class and thereafter available after
Wednesday class for consultation
Thursday 1;5 hours of class and thereafter available after
class for consultation till 12pm
Approved By:
Area Chair (Signature): Program chair (Signature):
__________________________ _____________________
 Annexure
Group Projects
Project Problem 1 (Share Price Simulation from BSE) Read the Problem below; collect data and
proceed to simulate share prices and answer the questions.
The current price of a share of a particular stock listed on the New York Stock Exchange is $39. The
following probability distribution shows how the price per share is expected to change over a three-
month period:
Stock Price Probability
Change ($)
-2 0.05
-1 0.10
0 0.25
+1 0.20
+2 0.20
+3 0.10
+4 0.10
a. Construct a spreadsheet simulation model that computes the value of the stock price in 3 months,
6 months, 9 months, and 12 months under the assumption that the change in stock price over any 3-
month period is independent of the change in stock price over any other 3-month period.
b. With the current price of $39 per share, simulate the price per share for the next four 3-month
periods. What is the average stock price per share in 12 months? What is the standard deviation of
the stock price in 12 months?
c. Based on the model assumptions, what are the lowest and highest possible prices for this stock in
12 months? Based on your knowledge of the stock market, how valid do you think these prices are?
Propose an alternative to modeling how stock prices evolve over 3-month periods.

Project Problem 2 (Queueing Simulation) Read the Problem below; collect data and proceed to
simulate a queue and answer the questions.
The Burger Dome is a fast-food restaurant that is currently appraising its customer service.In its
current operation, an employee takes a customer’s order, tabulates the cost, receives payment from
the customer, and then fills the order. Once the customer’s order is filled, the employee takes the
order of the next customer waiting for service. Assume that time between each customer’s arrival is
an exponential random variable with a mean of 1.35 minutes. Assume also that the time for the
employee to complete the customer’s service is an exponential random variable with mean of 1
minute. Use the BurgerDome.xlsx template to complete a simulation model for the waiting line at
Burger Dome for a 14-hour work day. Using the summary statistics gathered at the bottom of the
spreadsheet model, answer the following questions:
a. What is the average wait time experienced by a customer?
b. What is the longest wait time experienced by a customer?
c. What is the probability that a customer waits more than 2 minutes?
d. Create a histogram depicting the wait time distribution with bins corresponding to 0-1 minutes, 1-
2 minutes, 2-3 minutes, etc. What is the most common wait time bin?
e. By pressing the F9 key to generate a new set of simulation trials, one can observe the variability in
the summary statistics from simulation to simulation. Typically, this variability can be reduced by
increasing the number of trials. Why is this approach not appropriate for this problem?

Project Problem 3 (Inventory Simulation) Read the Problem below; collect data and proceed to
simulate a Inventory situation in a factory and answer the questions.
The material manager of a firm wishes to determine the expected mean demand for a particular item
in stock during the reorder lead time. This information is needed to determjine how far in advance to
reorder, before the stock level is reduced to zero. However, both the lead time, in days, and the
demand per day for the item are random variables. described by the probability distribution that
follow's
Lead Time (days) Probability Demand per day Probability
(unit)
1 0.45 1 0.15
2 0.30 2 0.25
3 0.25 3 0.40
4 0.20
Use Excel and simulate the problem for thirty reorders to estimate the demand during lead time.

Project Problem 4 (Project Planning Simulation) Read the Problem below; collect data and proceed to
simulate a Project Planning and Control situation for a company and answer the questions.
A project has four activities (A, B, C, and D) that must be performed sequentially. The probability
distributions for the time required to complete each of the activities are as follows:
Activity Activity Time (weeks) Probability
A 5 0.25
6 0.35
7 0.25
8 0.15
B 3 0.20
5 0.55
7 0.25
C 10 0.10
12 0.25
14 0.40
16 0.20
18 0.05
D 8 0.60
10 0.40
a. Construct a spreadsheet simulation model to estimate the average length of the project and the
standard deviation of the project length.
b. What is the estimated probability that the project will be completed in 35 weeks or less?

Project Problem 5 (Data Visualization-Storytelling) Use PowerBI to make a Dashboard of the above 4
problems. Keep relevant data only in the dashboard.

The project report will be evaluated based on the following key parameters:

1. Depth of Research: The report should demonstrate a thorough and in-depth examination of the
chosen project topic, reflecting a detailed understanding and critical analysis of the subject matter.
2. Comprehensiveness of the Study: The report should cover all relevant aspects of the topic, ensuring
that the study is broad in scope and addresses various perspectives or factors related to the project.
3. Data Collection Methods: The report should clearly describe the approach and methods used to
collect data, providing transparency and reliability to the findings. The source, sampling method, and tools
used for data collection should be well-documented.
4. Use of Excel for Simulation: Relevant functions of Excel should be used to bring out the findings of
Simulation.
5. Report Structure: The report must follow a structured format that includes the following sections:
o Abstract: A concise summary of the project, including the main objectives and findings.

o Introduction: An overview of the project topic, its significance, and the objectives of the study.
o Literature Review: A review of relevant literature to provide context and background, helping
to position the project within the existing body of knowledge.
o Methodology: A detailed description of the methods used to conduct the study, including
data collection and analysis techniques.
o Data Analysis/Explanation: A comprehensive analysis of the collected data, presenting
findings clearly and logically with supporting visuals, where applicable.
o Comments: Insights, interpretations, and implications of the findings, along with any
recommendations.
o Bibliography and References: A list of all sources cited in the report, ensuring proper
acknowledgment and academic rigor.
6. Plagiarism Check: The report must maintain academic integrity, with plagiarism limited to a specified
threshold, which will be announced. Proper citations and references are required to credit original
sources and avoid intellectual property issues.

7. Presentation and Presentation Quality: Use Power BI to create Dashboards and make a presentation.
Use relevant data only on the Dashboard. The group’s ability to present their report effectively will
also be assessed. This includes clarity, organization, and engagement during the presentation, as well
as the ability to answer questions confidently.