Description

This course addresses the prototypical theme o how a system or organization can improve its decision-making and develops approaches for both prescriptive and predictive analytics. Whether it is a service or manufacturing entity, a firm should promulgate a mission statement with three evolving parts: strategy, tactics, and operations. For example, a strategic focus is to maximize profit, a tactical plan minimizes cost, and an operations manifesto establishes feasibility. Towards this objective, this course will present introductory and applied concepts on decision-making, optimization and simulation modeling under uncertainty. Case studies will supplement the theoretical concepts and enforce student learning. Background in engineering mathematics and/or permission of instructor. Undergraduate introduction to Probability and Statistics.