Course Catalog
Optimization and Decision Modeling for Analytics
90-755
Units: 12
Description
This is one of several introductory courses in analytics and management science that survey a variety of hands-on quantitative modeling methods that are useful to decision makers and analysts. These courses overlap considerably, but are tailored for particular programs.
Learning Outcomes
This course has six objectives. First, you will learn about a variety of management science techniques, what they are capable of, and what their limitations are so that you can intelligently work with specialists and consultants when the occasion arises. (Implementing these methods at-scale often requires a multiple person-year team effort. You may be the project lead of a team that includes members whose graduate training is entirely in management science.)
Second, you should become facile at building and analyzing smaller models in Excel. (94-867 covers more advanced software that can handle larger problem instances.)
Third, you should develop skill at writing and working with mathematical equations that represent the finances and the “physics” (operational reality) of systems that you will be responsible for managing and improving.
Fourth, you should understand the inner workings of the algorithms that computers use to solve optimization models well enough to know which types of problems are “hard” or “easy” for the computer to solve, what that implies for the “size” problem that can be handled, and some tricks for transforming “hard” into “easier” problems to solve.
Fifth, you should develop sophistication in your ability to interpret model solutions’ implications for practical managerial decision making.
Sixth, you will learn some about operational realities for a range of organizations in the private, nonprofit, and government sectors.
Prerequisites Description
College pre-calculus or its equivalent, including summation notation and fluency graphing and interpreting linear and nonlinear functions.
The course uses Excel intensively. If you have not become proficient with Excel in some other way, you should work through some Excel tutorials before the course begins.