BUKD-K 534 Simulation and Optimization for Business Analytics
- 12 Weeks
- 3.0 Credits
- Prerequisite(s): BUKD-K520 (Previously BUKD-C 520)
This course focuses on building mathematical models for applied business situations using primarily optimization and simulation. The emphasis is on practical solution methods while gaining managerial insight. Topics include math programming for linear, integer, and non-linear models where finding an optimal solution can be found for reasonably sized models; models for finding good solutions for combinatorial problems; simulation techniques to evaluate the risk of solutions over a range of scenarios; and methods for modeling time varying demand by identifying elements like trend and seasonality, and ultimately creating a practical forecast.
Students will learn to create generic models but use Microsoft’s Excel as the solution tool. By the end of the course, students should be able to build complete models from a written explanation including the data set, enter the model into Excel, solve the model, and then be able to offer insights and make managerial decision recommendations from their model.