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Optimization and Risk Modeling for Managers


91-819

Units: 6

Description

This course has four objectives besides learning a variety of spreadsheet skills. First, you should learn about a variety of management science techniques, what they are capable of, and what their limitations are so that you can intelligently call upon specialists and consultants when the occasion arises. Second, you should acquire sufficient proficiency with some of the techniques that you can use them as an “end user modeler”. Third, you should learn how to approach, abstract, and analyze problems from a quantitative, analytical perspective. In short, you should be able to use the language of mathematical modeling. In most lectures we will work through a small “case” to help you connect the methods to a problem that is richer than the typical end of chapter problem. Fourth, doing these things will prepare you to manage staff who are doing analytics projects. Walking a mile in their shoes (reflectively), will help you understand what they can and cannot do to create value for your organization.

Learning Outcomes

This course has four objectives besides learning a variety of spreadsheet skills.

First, you should learn about a variety of management science techniques, what they are capable of, and what their limitations are so that you can intelligently call upon specialists and consultants when the occasion arises.

Second, you should acquire sufficient proficiency with some of the techniques that you can use them as an end user modeler.

Third, you should learn how to approach, abstract, and analyze problems from a quantitative, analytical perspective. In short, you should be able to use the language of mathematical modeling. In most lectures we will work through a small case to help you connect the methods to a problem that is richer than the typical end of chapter problem.

Fourth, doing these things will prepare you to manage staff who are doing analytics projects. Walking a mile in their shoes (reflectively), will help you understand what they can and cannot do to create value for your organization.

Prerequisites Description

Relationship to Other Courses: The course catalog lists no prerequisites for this class. However, topics such as regression analysis are not included in this course because they are covered in Statistical Methods for Managers. Data Mining and Decision Analysis are not covered here, as they are covered in Business Analytics for Managers.

Syllabus