Models for Operational Decisions (Classroom and Synchronous e-learning)
About This Course
Data is becoming ubiquitous in modern organisations including both manufacturing and service industries. Operational decisions in many sectors are increasingly based on models of operations using quantitative methods. This course is designed to equip learners with fundamental quantitative techniques for modelling related to strategic and tactical decisions. Learners will learn to model problems involving distribution network design, assignment, production scheduling and inventory allocation, staff scheduling, and portfolio allocation, to name a few. These will help them in making more informed managerial decisions concerning capacity planning, production, logistics and network optimisation. This course is highly recommended for learners keen on taking on roles of operations analysts, planners and managers.
What You'll Learn
1. Describe the concepts of uncertainty, probability, and fundamental theories concerning data analysis and decision making.
2. Apply data analysis tools to model and solve decision-making problems concerning practical operations and make predictions.
3. Formulate real world decision problems as optimization models, solve them and provide managerial insights.
4. Effectively use available computing technologies in the decision-making processes (e.g., Excel spreadsheet, Solver).
Entry Requirements
Working adults from the industry, professionals seeking mid-career change or fresh graduates with relevant background. Individuals without relevant background may find the contents of the programme challenging.