DSC (0207) 784 - Optimization and Prescriptive Models

Credits: 3.00

Students will be introduced to the basic concepts, principles, and techniques of decision modeling and analytics. The first part of the course focuses on the use of optimization to support decision-making in the presence of alternatives and business constraints. The second part focuses on the use of Monte Carlo simulation.

Course Learning Goals: Upon completing the course, Students will:
• Understand the scope of management problems that can be addressed with decision models; and learn to identify opportunities for creating value using decision models;
• Develop models that can be used to improve decision making within an organization;
• Sharpen their ability to structure problems and to perform logical analyses;
• Practice translating descriptions of decision problems into formal models, and investigate those models in an organized fashion;
• Recognize the types of modeling tools most adapted to a given situation;
• Know how to assess the significance of model outputs for managerial insights and action;
• Strengthen their computer skills, focusing on how to use the computer to support decision-making.