Management Science OPMT 3197

Upon successful completion of the course, the student will be able to:

Linear Programming

• Use graphical solution procedures for LP problems with only two variables to understand how LP problems are solved.
• Understand how to setup LP problems in a spreadsheet and solve them using Excel Solver.
• Model a wide variety of LP problems: Understand major business application areas for LP problems such as manufacturing, marketing, labour scheduling, blending, transportation, and multi-period planning.
• Formulate Integer Programming (IP) models; setup and solve IP problems using Excel Solver.

Monte Carlo Simulation

• Explain the advantages and disadvantages of simulation.
• Tackle a variety of problems using Monte Carlo simulation, such as NPV/IRR models, expected profit models, and models for operational decisions and policies.
• Setup and solve simulation models using Excel’s standard functions.

Forecasting

• Understand and know when to use various families of forecasting models (qualitative models versus time series models).
• Develop stationary models: moving averages, weighted moving averages, and exponential smoothing.
• Develop a simple linear regression trend model. Students will be exposed to seasonality models, but they will not be covered in depth.

Effective as of Fall 2016