It has become increasingly important for future business professionals to understand statistical computing methods as data science has gained widespread use in contemporary organizational decision processes in recent years. Used by scores of academics and practitioners in a variety of fields, Monte Carlo simulation is one of the most broadly…

Simulation modeling is an effective tool for solving problems that cannot be explained analytically or when data cannot be collected. This is done by simulating the observed behavior of a problem under study using a computer program. In math education, this can develop knowledge and fundamental competencies of simulation modeling at a higher level…

In this paper we report on the development of a stochastic modeling course for chemical engineers in the fourth year of the Cambridge Chemical Engineering Syllabus. The general course structure is presented and an interactive Web module, which is used in the course, is presented in more detail. The central aim of the Web module is to enable…