This chapter gives you the tools required to run a simulation. We'll start with a review of random variables and probability distributions. We will then learn how to run a simulation by first looking at a simulation workflow and then recreating it in the context of a game of dice. Finally, we will learn how to use simulations for making decisions.

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2

Probability & Data Generation Process

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This chapter provides a basic introduction to probability concepts and a hands-on understanding of the data generating process. We'll look at a number of examples of modeling the data generating process and will conclude with modeling an eCommerce advertising simulation.

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3

Resampling Methods

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In this chapter, we will get a brief introduction to resampling methods and their applications. We will get a taste of bootstrap resampling, jackknife resampling, and permutation testing. After completing this chapter, students will be able to start applying simple resampling methods for data analysis.

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4

Advanced Applications of Simulation

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In this chapter, students will be introduced to some basic and advanced applications of simulation to solve real-world problems. We'll work through a business planning problem, learn about Monte Carlo Integration, Power Analysis with simulation and conclude with a financial portfolio simulation. After completing this chapter, students will be ready to apply simulation to solve everyday problems.

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