Optimization with Linear Programming

Optimization with Linear Programming

This course will teach you the use of mathematical models for managerial decision making and covers how to formulate linear programming models where multiple decisions need made while satisfying a number of conditions or constraints.

This course will teach you the use of mathematical models for managerial decision making and covers how to formulate linear programming models where multiple decisions need to be made while satisfying a number of conditions or constraints.

$699 | Enroll Now
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Overview

The essence of management is to make choices that make optimal use of scarce resources. This course covers how to apply linear programming to complex systems to make better decisions – decisions that increase revenue, decrease costs, or improve efficiency of operations. Students will explore the role of mathematical models in decision-making and how to formulate basic linear programming models where multiple decisions need to be made while simultaneously satisfying multiple conditions or constraints.

Introductory Level Course
4-Week Course
100% Online Courses
ACE + CAP Credit Eligible
Expert Instructors
Teacher Assistant Support
Tution-Back Guarantee

Learning Outcomes

After completing this course students will be able to formulate linear programming models and describe the types of decisions that lend themselves to linear programming solutions. You will learn how to use spreadsheet software to implement and solve linear programming problems. You will also cover how to use sensitivity analysis and shadow prices to gain additional insights from linear programming results.

  • Describe what types of decisions are amenable to linear programming solutions
  • Formulate a linear programming model, and represent it graphically
  • Solve the LP model with spreadsheet-based software
  • Use LP models for various decisions: make or buy, where to invest,
  • Use sensitivity analysis and shadow prices to gain additional information from the LP solution

Who Should Take This Course

Business analysts with responsibility for specifying, creating, deploying or interpreting quantitative decision models.  Users of linear programming software who need to attain a more solid grounding in the subject.

Instructors

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Dr. Cliff Ragsdale

Dr. Cliff Ragsdale

Cliff T. Ragsdale is Bank of America Professor of Business Information Technology at Virginia Tech. His primary research interests involve applications of quantitative modeling techniques to managerial decision making problems using microcomputers. Dr. Ragsdale has served as a consultant for a variety of organizations including General Mills, The World Bank, Frontline Systems, and Dominion Energy. His research has been published in Decision Sciences, Naval Research Logistics, Operations Research Letters, Computers and Operations Research, OMEGA, Personal Financial Planning, Financial Services Review, Decision Support Systems, and a number of other scholarly journals. He is a Fellow of Dec...

See Instructor Bio

Course Syllabus

Week 1

Introduction

  • The role of models in decisions
  • Sources of bias & error in human decision making
  • Good decisions vs. good outcomes

Week 2

Linear Programming Models

  • Formulating linear programming models
  • Graphical representations
  • Solving LP models in spreadsheets

Week 3

Domain Specific Illustrations

  • Make or buy
  • Investment
  • Transportation
  • Blending

Week 4

Sensitivity Analysis

  • Role of sensitivity analysis in the larger decision context
  • Shadow prices
  • Alternate solutions
  • Robust Optimization
  • Simplex Method

Class Dates

2023

Jul 7, 2023 to Aug 4, 2023

2024

Jan 12, 2024 to Feb 9, 2024

Jul 5, 2024 to Aug 2, 2024

2025

No classes scheduled at this time.

Send me reminder for next class

Prerequisites

You will need to have some facility with spreadsheet operations prior to starting this course.

There are no prerequisites for this course.

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What Our Students Say​

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Marina Espinasse

I am very thankful to the course and assistant teachers. The course was well worth its effort and tuition.

Marina Espinasse
Post-doctoral researcher at the Institute of Marine Research (IMR), Norway
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This was a real eye-opener to me. In short, a real joy to follow this course and be part of this learning process. It also helped me to see links I didn't see before where I could use different methods to improve upon.

Erik Muylle
EM Solutions Lda
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Frequently Asked Questions

What is your satisfaction guarantee and how does it work?

We offer a “Student Satisfaction Guarantee​” that includes a tuition-back guarantee, so go ahead and take our courses risk free. That’s our commitment to student satisfaction. Students may cancel, transfer, or withdraw from a course under certain conditions. If you’re not satisfied with a course, you may withdraw from the course and receive a tuition refund.

Please see our knowledge center for more information.

Who are the instructors at the Institute?

The Institute has more than 60 instructors who are recruited based on their expertise in various areas in statistics. Our faculty members are:

  • Authors of well-regarded texts in their area;
  • Advisory board members;
  • Senior faculty; and
  • Educators who have made important contributions to the field of statistics or online education in statistics.

The majority of our instructors have more than five years of teaching experience online at the Institute.

Please visit our faculty page for more information on each instructor at The Institute for Statistics Education.

Please see our knowledge center for more information.

What type of courses does the Institute offer?

The Institute offers approximately 80 courses each year. Topics include basic survey courses for novices, a full sequence of introductory statistics courses, bridge courses to more advanced topics. Our courses cover a range of topics including biostatistics, research statistics, data mining, business analytics, survey statistics, and environmental statistics.

Please see our course search or knowledge center for more information.

Do your courses have for-credit options?

Our courses have several for-credit options:

  • Continuing education units (CEU)
  • College credit through The American Council on Education (ACE CREDIT)
  • Course credits that are transferable to the INFORMS Certified Analytics Professional (CAP®)

Please see our knowledge center for more information.

Is the Institute for Statistics Education certified?

The Institute for Statistics Education is certified to operate by the State Council of Higher Education for Virginia (SCHEV). For more information visit: https://www.schev.edu/

Please see our knowledge center for more information.

Visit our knowledge base and learn more.

FAQs + Knowledge Base

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Additional Course Information

Organization of Course

This course takes place online at The Institute for 4 weeks. During each course week, you participate at times of your own choosing – there are no set times when you must be online. Course participants will be given access to a private discussion board. In class discussions led by the instructor, you can post questions, seek clarification, and interact with your fellow students and the instructor.

At the beginning of each week, you receive the relevant material, in addition to answers to exercises from the previous session. During the week, you are expected to go over the course materials, work through exercises, and submit answers. Discussion among participants is encouraged. The instructor will provide answers and comments, and at the end of the week, you will receive individual feedback on your homework answers.

Time Requirements

This is a 4-week course requiring 10-15 hours per week of review and study, at times of your choosing.

Homework

Homework in this course consists of short answer questions to test concepts, guided data analysis problems using software, and guided data modeling problems using software.

In addition to assigned readings, this course also has supplemental readings available online.

Course Text

Spreadsheet Modeling & Decision Analysis, eighth edition by Cliff Ragsdale, which can be ordered from the publisher via the previous link. This text is also used in Integer & Nonlinear Programming and Network Flow and Risk Simulation and Queueing. Note: We do not recommend using the Kindle version of this book.

Please order a copy of your course textbook prior to course start date.

Software

The course uses Analytic Solver Platform for Education software by Frontline systems. Analytic Solver Platform for Education is an add-in for Excel that performs risk analysis, simulation, optimization, decision trees and other analytical methods. With the purchase or rental of the book, you will have a course code that will enable you to download and install the software for 140 days. If you do not have such a license, a license is also available for course registrants through Statistics.com. Please do not install the regular public trial copy of the software on your own; when the course starts we will provide you with the complete installation instructions to obtain the appropriate copy of the software.

Software Uses and Descriptions | Available Free Versions
To learn more about the software used in this course, or how to obtain free versions of software used in our courses, please read our knowledge base article “What software is used in courses?” 

Course Fee & Information

Enrollment
Courses may fill up at any time and registrations are processed in the order in which they are received. Your registration will be confirmed for the first available course date unless you specify otherwise.

Transfers and Withdrawals
We have flexible policies to transfer to another course or withdraw if necessary.

Group Rates
Contact us to get information on group rates.

Discounts
Academic affiliation?  In most courses you are eligible for a discount at checkout.

New to Statistics.com?  Click here for a special introductory discount code.  

Invoice or Purchase Order
Add $50 service fee if you require a prior invoice, or if you need to submit a purchase order or voucher, pay by wire transfer or EFT, or refund and reprocess a prior payment.

Options for Credit and Recognition

This course is eligible for the following credit and recognition options:

No Credit
You may take this course without pursuing credit or a record of completion.

Mastery or Certificate Program Credit
If you are enrolled in mastery or certificate program that requires demonstration of proficiency in this subject, your course work may be assessed for a grade.

CEUs and Proof of Completion
If you require a “Record of Course Completion” along with professional development credit in the form of Continuing Education Units (CEU’s), upon successfully completing the course, CEU’s and a record of course completion will be issued by The Institute upon your request.

ACE CREDIT | College Credit
This course has been evaluated by the American Council on Education (ACE) and is recommended for the upper-division baccalaureate degree, 3 semester hours in mathematics or business management. Please note that the decision to accept specific credit recommendations is up to the academic institution accepting the credit.

INFORMS-CAP
This course is recognized by the Institute for Operations Research and the Management Sciences (INFORMS) as helpful preparation for the Certified Analytics Professional (CAP®) exam and can help CAP® analysts accrue Professional Development Units to maintain their certification.

Supplemental Information

Literacy, Accessibility, and Dyslexia

At Statistics.com, we aim to provide a learning environment suitable for everyone. To help you get the most out of your learning experience, we have researched and tested several assistance tools. For students with dyslexia, colorblindness, or reading difficulties, we recommend the following web browser add-ons and extensions:

 

Chrome

 

Firefox

 

Safari

  • Navidys (for colorblindness, dyslexia, and reading difficulties)
  • HelperBird for Safari (for colorblindness, dyslexia, and reading difficulties)

Miscellaneous

There is no additional information for this course.

Register for This Course​

Optimization with Linear Programming
$699 | Enroll Now
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