Course Description:
Managerial decision-making relies heavily on decision analysis and optimization. Therefore, as a natural continuation of Seminar 2, in Seminar 3, students will build and solve a management science model for the problem formulated previously. During this process students will make use of the information gathered in Seminar 2. They will evaluate the results obtained and make revisions to their model if required. In addition, students will further improve their modeling skills by learning about nonlinear optimization and heuristic approaches in solving business models. We will also explore additional techniques for developing realistic models.
In this seminar, you will be continuing the assessment of the organization or business you identified in the first seminar. The draft you constructed by now must have parts 4 thru 7 completed. Your goal during this seminar will be to complete parts 8 thru 10.
Student Learning Outcomes:
At the end of the course, the student will be able to:
1. Identify a problem that necessitates nonlinear optimization or heuristic approaches;
2. Recognize an appropriate technique to employ;
3. Construct an optimization model;
4. Solve the model using an appropriate software package;
5. Evaluate the results and revise the model if necessary;
6. Communicate the recommendations to the management.
Reference Textbook:
How to Solve It: Modern Heuristics, Michalewicz, Zbigniew, Fogel, David B., Springer, 2004.
We will make use of parts of this book. There are two editions available, either one would be sufficient for our purposes.
Course Structure and Participation:
Online instruction: Blackboard CourseSites will be used from April 24 onwards. Zoom and other software will be utilized as needed.
I will summarize and highlight essential points for the subjects covered during the lectures. The onus is on the students to ensure that they complete the assigned reading in a timely manner. The course is structured such that there is enough time for students to discuss the subject matter or participate in in-class activities, during which time my role becomes one of a facilitator. Periodically, I will make use of various resources such as a portion of a film, a scholarly or news article, a case study, a management dilemma, or a recent event to enliven in-class discussions. Therefore, participation does not mean being present in class. I expect you to positively contribute to the learning experience of the entire class by
• answering questions posed to get the discussion to a productive start,
• asking relevant and well-phrased questions to help clarify important points and identify key takeaways,
• providing appropriate comments on what a classmate stated to enrich the discussion,
• drawing on your ideas and experiences to be able to provide the big picture,
• making use of logic and evidence in crafting arguments,
• summing up information presented to form a concise argument.
If you must miss a class, it is your responsibility to ask for materials or information on what was covered by contacting your classmates or review the syllabus and course website. After that, you may visit the office hours if you have further questions.
Project:
For this assignment, you will be asked to develop and solve a decision-making model for the business challenge the organization you have targeted is facing. The timeline for the tasks that need to be completed are provided below:
- By the first meeting you should finalize parts 4 thru 7 of your report.
- By the fourth meeting you should complete part 8.
- By our eighth meeting you should complete part 9.
- By the twelfth meeting, you should complete part 10.
- During the last three weeks, you are required to deliver a thirty-minutes presentation and submit a MS Word report online (no hard copies). The report should contain sections 4 thru 10 as outlined in the guidelines. Sections 4 thru 7 needs to be in their final form or very close to it. Sections 8-10 should be well developed and written.
A basic outline for the report is provided on the website for this course, note that the contents may vary depending on the organization you are focusing on. Throughout the semester you are required to make three 5-minute presentations as noted in the course schedule.
Quizzes:
Quizzes are open book and notes. They will be made available in advance before their due date on Blackboard. In-class pop-quizzes will be made available during the scheduled class time. The time available to turn in your answers will be noted once the quiz is made available. Students may use textbooks to complete these tests, but they are required to work on their own and not to seek help from other people and web resources. Students are not allowed to collaborate when working on the exams. Cheating will not be tolerated and will result in a failing grade for the exam and/or the course. Your lowest pop-quiz score will be dropped at the end of the semester. This policy is in place to accommodate those of you who must miss a class due to unforeseen circumstances. No make-up quizzes will be given.
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