Credits: 6

Schedule: 09.09.2019 - 12.12.2019

Teacher in charge (valid 01.08.2018-31.07.2020): 

prof. Tomi Seppälä

Teaching Period (valid 01.08.2018-31.07.2020): 

Period I + 3 weeks in period II (2018-2019) Töölö campus

Period I + 3 weeks in period II (2019-2020) Otaniemi campus

Learning Outcomes (valid 01.08.2018-31.07.2020): 

Students learn
- analyze and develope business models for digital and service business
- quantitative modeling using simulation techniques which can be used to support management decision making in digital  and service businesses, in finance, in operations management, and in logistics etc.;
- to develop their expertise in using simulation models with computers and related software, especially Excel;
- to analyze results and making decisions through assigned homework exercises and case analyses; and
- to design research.

Content (valid 01.08.2018-31.07.2020): 

Introduction to simulation models, simulation in Excel, random numbers, probability distributions, methods to simulate random events, managerial applications of risk analysis, probability theory, stochastic processes Random walk models, multivariate distributions, inventory simulation, service system simulation, forecasting

Assessment Methods and Criteria (valid 01.08.2018-31.07.2020): 

75% exam
25% assignments


Re-take exam spring 2020 replaced by independent project

Workload (valid 01.08.2018-31.07.2020): 

Contact teaching 36 h
Independet work 121 h
Exam 3 h
Total 160 h


Re-take exam spring 2020 replaced by independent project

Study Material (valid 01.08.2018-31.07.2020): 

1. Evans, J.R. & Olson, D.L. (2002) Introduction to simulation and risk analysis (selected parts)
2. Ross, Sheldon M. (2006) Simulation (selected parts).;
3. Vose, D. (2000) Risk analysis: a quantitative guide (additional readings)

Course Homepage (valid 01.08.2018-31.07.2020):

Prerequisites (valid 01.08.2018-31.07.2020): 

Undergraduate mathematics, statistics and probability, as well as Excel skills. More specifically, basic knowledge in matrix algebra, differential and integral calculus, statistical analysis and probability distributions are essential. At the minimum one course in university mathematics and two courses in university statistics is assumed.

Grading Scale (valid 01.08.2018-31.07.2020): 



Re-take exam spring 2020 replaced by independent projec, grading scale pass/fail

Registration for Courses (valid 01.08.2018-31.07.2020): 

Via WebOodi


Registration and further information