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 to be made while satisfying a number of conditions or constraints.
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
- 4 Weeks
- Expert Instructor
- Tuiton-Back Guarantee
- 100% Online
- TA Support
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.
Our Instructors
Dr. Cliff Ragsdale
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
Instructors:
2024
Instructors:
Instructors:
2025
Instructors:
Prerequisites
You will need to have some facility with spreadsheet operations prior to starting this course.
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Additional Information
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.
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.
Options for Credit and Recognition
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.
Supplemental Information
Literacy, Accessibility, and Dyslexia
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