The course covers the components, the mechanics, what to focus on during the model design, how to build a DICE simulation in Excel and how to analyze the model. Validation of DICE models and the functional relations will also be discussed. The method will be placed in the context of existing taxonomies of modeling techniques to facilitate a comparison with the traditional methods. Implementation of both Markov models and discrete event simulations, and their combination, within the DICE paradigm will be illustrated.

Learning Objectives:

After attending this short course, the students should be able to:

1.           Know what DICE simulation is and how it can be used for modeling decision making

2.           Understand the main concepts of DICE, its advantages and limitations

3.           Design and build a DICE model using MS Excel

4.           Discuss aspects of validating a DICE simulation.