This course is compulsory on the MSc in Management Science (Decision Sciences) and MSc in Management Science (Operational Research). This course is available on the MSc in Applicable Mathematics. This course is available as an outside option to students on other programmes where regulations permit.

An introduction to stochastic modelling and applied statistics.

Applied Statistics (OR426.1): Revision of Descriptive stats, EDA, outliers, transformations; confidence intervals and hypothesis tests for continuous and discrete data; simple and multiple linear regression; binary logistic regression.

Applied Stochastic Modelling (OR426.2): This course is about how to build models of systems which are characterised by uncertainty and random variability. The focus is on simulation (i.e. computer-based) models and aims to develop simulation modelling skills, understanding of the theoretic basis which underpins the simulation methodology, and an appreciation of practical issues in managing a simulation modelling project.

21 hours of lectures and 19 hours of seminars in the MT.

OR426.1 - exercises are set weekly and discussed in the following week's classes, which alternate between hands-on computer sessions and problem classes. Students will have the opportunity to submit a mock project for marking and comment several weeks before the final assessed project is due.

OR426.2 - students will have the opportunity to submit a mock project for marking and comment several weeks before the final assessed project is due.

Recommended for OR426.1 are: T H Wonnacott & R J Wonnacott, Introductory Statistics for Business and Economics, Wiley; F L Ramsey & D W Schafer, The Statistical Sleuth: A Course in Data Analysis, Duxbury; J A Rice, Mathematical Statistics and Data Analysis, Brooks/Cole; B F Ryan & B L Joiner, MINITAB Handbook; E Tufte, The Visual Display of Quantitative Information, Graphics Press; D R Cox & C A Donnelly, Principles of Applied Statistics, Cambridge University Press.

Recommended for OR426.2 are: A M Law & W D Kelton, Simulation Modelling and Analysis; M Pidd, Computer Simulation in Management Science, S Ross, Simulation , Academic Press.

Project (50%) and project (50%) in the LT.

This course is examined entirely by course work and projects, as follows:

50% for a final project for Applied Statistics, and 50% to a management report covering the results of a computer simulation project. Written work is marked on presentation as well as on content.