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Business Modeling and Simulation

Modeling and Simulation (M&S) techniques have been employed in the business and public sectors for over 60 years, often under names such as "operations research", "decision sciences", "quantitative analysis", and others. The literature of many business and social science disciplines is rich with both practical and theoretical usage of simulation and other modeling techniques.Recent developments in simulation, such as agent-based simulation and virtual worlds, open even more avenues for M&S applicability.

The College of Business and Public Administration (CBPA) is an active participant in Old Dominion's Modeling and Simulation initiative.The College has several faculty, from various disciplines, that engage in M&S research and teaching.The CBPA offers a Graduate Certificate in Business Modeling and Simulation to provide graduate students an opportunity to develop competency in Business Modeling and Simulation.

Examples of M&S Activities in the CBPA:

  • Discrete event simulation
  • Agent-based simulation
  • Optimization modeling & mathematical programming
  • Statistical modeling
  • Econometric modeling
  • Forecasting
  • Queuing (waiting line) modeling & analysis
  • Production, service, & inventory modeling
  • Supply-chain modeling
  • Transportation & logistics modeling
  • Quality control 
  • Financial modeling
  • Market research & consumer behavior modeling
  • Risk modeling & analysis

Some Faculty Engaged in M&S Activities:

Dean C. Chatfield, Ph.D.(Director of CBPA Graduate Certificate in Business M&S)
Assistant Professor, Department of Information Technology and Decision Sciences
Research Areas: Business and Supply Chain Modeling, Decision Support Systems, M&S Fundamentals, Agent-Based Simulation
dchatfie@odu.edu

Ali Ardalan, Ph.D.
Professor, Department of Information Technology and Decision Sciences
Research Areas:Queuing, Production Systems
aardalan@odu.edu

Christopher Colburn, Ph.D.
Associate Professor, Department of Economics
Research Area: Econometric Modeling
ccolburn@odu.edu

David P. Cook, Ph.D.
Associate Professor, Department of Information Technology and Decision Sciences
Research Areas: Operations and Services Management, Quality Control
dcook@odu.edu

Larry H. Filer, Ph.D.
Associate Professor, Department of Economics
Research Areas: Macroeconomic Modeling and Forecasting, Bootstrap Methods, Computable General Equilibrium Models
lfiler@odu.edu

William Judge, Ph.D.
Professor & E.V. Williams Chair of Strategic Leadership, Department of Management
Research Areas:Management Education Simulation, Corporate Governance
WJudge@odu.edu

Ling Li, Ph.D.
Professor, Department of Information Technology and Decision Sciences
Research Areas:Supply Chain Management, Operations Management
lli@odu.edu

Mohammad Najand, Ph.D.
Professor, Department of Finance
Research Areas: Forecasting Economic Activities, Modeling Volatility in Financial Markets
mnajand@odu.edu
www.odu.edu/forecasting

Marek Wermus, Ph.D.
Associate Professor, Department of Information Technology and Decision Sciences
Research Areas:Optimization Modeling
mwermus@odu.edu

Harris Wu, Ph.D.
Assistant Professor, Department of Information Technology and Decision Sciences
Research Areas: Knowledge Management, Software Engineering, Information Economics and Agent-based Modeling
hwu@odu.edu

Some Business M&S Courses:

BNAL 476/576 Simulation Modeling and Analysis of Business Systems
BNAL 507 Management Science
BNAL 641 Electronic Supply Chain Management
BNAL 712 Advanced Statistical Models in Business Research
BNAL 721/821 Simulation Modeling for Business Systems
BNAL 722/822 Agent Based Simulation
ECON 625 Mathematical Economics
ECON 706/806 Econometrics I
ECON 707/807 Econometrics II
ECON 708/808 Econometrics III
IT 612 Knowledge Based Systems
IT 651 Data Warehousing and Mining
IT 652 On-Line Analytical Processing (OLAP)
FIN 735/835 Portfolio Analysis
FIN 740 Futures and Options
MSCM 641 Supply Chain Management and Logistics
MKTG 625 Market Research Methods and Analysis
OPMT 624 Managing Services

Graduate Certificate in Business Modeling and Simulation (M&S)

Program requirements

The University Modeling and Simulation Steering Committee sets the basic standards regarding the components of a Graduate Certificate in M&S.The basic Certificate requires four (4) three-hour courses, for a total of twelve (12) credits.A basic simulation core of 3 or 6 credits is required, plus 6 or 9 credits of discipline-specific work. A 3.00 GPA for the four-course sequence is required for successful completion. Admission to the certificate program requires a bachelor's degree (or equivalent). For more information, please contact Dr. Dean C. Chatfield (dchatfie@odu.edu).

Business Modeling and Simulation Certificate - version1

MSIM 611- M&S Fundamentals part 1
MSIM 612- M&S Fundamentals part 2
BNAL 721/821- Simulation Modeling for Business Systems
BNAL 722/822- Agent-Based Simulation Modeling

For students with substantial mathematics and computing backgrounds, MSIM 601 may replace MSIM 611 and 612.A fourth course must be chosen to complete the 12-credit requirement.

Business Modeling and Simulation Certificate - version2

MSIM 601- Intro to M&S
BNAL 721/821- Simulation Modeling for Business Systems
BNAL 722/822- Agent-Based Simulation Modeling

M&S Elective - from the list below

M&S Electives for CBPA Certificate in Business Modeling and Simulation

BNAL 507 - Management Science
BNAL 641 - Electronic Supply Chain Management
BNAL 712 - Advanced Statistical Models in Business Research
ECON 625 - Mathematical Economics
ECON 706/806 - Econometrics I
ECON 707/807 - Econometrics II
ECON 708/808 - Econometrics III
IT 612 - Knowledge Based Systems
IT 651 - Data Warehousing and Mining
IT 652 - On-Line Analytical Processing (OLAP)
FIN 735/835 - Portfolio Analysis
FIN 740 - Futures and Options
MSCM 641 - Supply Chain Management and Logistics
MKTG 625 - Market Research Methods and Analysis
OPMT 624 - Managing Services

With permission of the certificate director, an appropriate "Selected Topics" or "Independent Study" course from the College of Business and Public Administration may be used as an elective.