Quantitative Decision Making for Project Managers

Catalog description

This course provides a comprehensive introduction to Management Science and Operations Research. It covers key concepts and terms related to management science and decision-making processes, emphasizing the roles of qualitative and quantitative approaches. The course explores the benefits of modeling in analyzing real situations, including the formulation of mathematical models for cost, revenue, and profit. Additionally, the course delves into Linear Programming, teaching learners how to identify linear mathematical relationships, create graphs of objective functions and constraints, and interpret solutions that satisfy constraints. Participants will gain the skills to formulate and solve linear programming models, both graphically and using computer software such as Excel Solver. They will also learn about sensitivity analysis, dual values, ranges of optimality and feasibility, and interpreting reduced costs in linear programming. Furthermore, the course explores the applications of linear programming in various fields such as marketing, finance, operations management, production planning, distribution, staffing, scheduling, and blending problems. Learners will be exposed to advanced linear programming applications including data envelopment analysis, revenue management, portfolio construction, and game theory. Overall, this course provides a foundation in Management Science, equipping learners with the knowledge and skills to apply quantitative techniques in decision making across various domains. Prerequisites: Students must have experience using a keyboard and mouse in a GUI - based OS such as Microsoft Windows or Macintosh.