Optimization and Decision Support Modeling for Business

Course Description

Decision Support Systems can be defined as 'computer based systems that use data and quantitative models to solve problems and to help managers make decisions.' This is a course on making quantitative decisions. The course introduces the student to optimization methods (linear, integer, nonlinear programming and network models) used in business, decision support via Monte Carlo simulation, and decision making under uncertainty/risk. These concepts are studied in the context of applications in strategic planning, operations/supply chain management, information systems, and other areas of business. Spreadsheets are intuitive and user-friendly platforms for organizing information. Hence, spreadsheets have become indispensable tools of modern business analysis. This course focuses on structuring, analyzing, and solving managerial decision problems using Excel spreadsheets. Specifically, we address problems from operations management (e.g., resource allocation, revenue management, transportation and logistics, outsourcing production) and information systems (e.g., advertising response, media selection model), along with and several other business problems from finance and marketing. In each area, we consider specific managerial decision problems, model them on Excel spreadsheets, analyze and solve the models, and then interpret the solutions obtained. As an added benefit of this course, we will learn to use advanced features of Excel. This includes some of the built-in functions, named ranges, pivot tables, charts, conditional formatting, and some simple macros.

Code

OSCM 471

Credits

3

Subject

Management Information Systems

Programs That Include This Course

• Bachelor's Bachelor of Science in Business Administration in Business Analytics
• Bachelor's Bachelor of Science in Business Administration in Management Information Systems
• Bachelor's Bachelor of Science in Business Administration in Operations and Supply Chain Management