Optimization and Simulation Modeling

Catalog description

This course provides basic skills in quantitative modeling. The objective is to familiarize students with the main steps in an analytical approach to business decision making: constructing an abstract model for a relevant business problem, formulating it in a spreadsheet environment such as Microsoft Excel, and using the tools of optimization, Monte Carlo simulation and sensitivity analysis to generate and interpret recommendations. The class will be taught in a lab style, with short in-class exercises done in small teams, focusing on a variety of applications drawn from online advertising, healthcare, finance, supply chain management, revenue and yield optimization.