Operations Research Mastery Series

This mastery series covers linear and nonlinear programming, network flow, decision analysis, queuing, and risk simulation.

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Overview

Master complex business and financial decision-making through operations research methods. In this 3-course Mastery Series, you'll get a comprehensive understanding of linear and nonlinear programming, decision analysis, network flow, queuing and risk simulation to inform decisions that increase revenue, decrease costs, or improve operational efficiency. Using spreadsheet-based software, you will learn to specify and implement these models. This program combines conceptual explanations with real-world applications so you can use these skills immediately in your work or learning practicum.

Who This Mastery Serves

Enroll in our Operations Research Mastery Series if you want a deep dive into linear and nonlinear programming, decision analysis, network flow, queuing and risk simulation. A record of mastery will help elevate your career knowledge or jumpstart your career in business and financial management. Related job titles include:

CFO/VP/Director/Manager, Finance
CEO, COO
VP/Director Business Operations
Risk Manager/Director

Analytics Director
Data Analyst
Business Analyst
Technical Analyst

Learning Outcomes

With an Operations Research Record of Mastery you will have an in-depth understanding of both theoretical and real-world applications for effective risk and financial modeling. You'll also be able to:

Describe what types of decisions are amenable to linear programming solutions.
Formulate a linear programming (LP) model and represent it graphically.
Use LP models for various decisions: make or buy, where to invest, etc.
Solve the LP model with spreadsheet-based software.
Use sensitivity analysis and shadow prices to gain additional information from the LP solution.
Use simulation to describe and measure the impact of uncertainty on decision problems.
How to use optimization techniques with simulation to mitigate and manage risk.
Use queuing models to describe and manage the behavior of waiting lines.
Use payoff tables, decision trees and multi-criteria scoring models to analyze decisions problems.

Solve integer programming problems with software.
Accommodate multiple goals in the analysis.
Specify an objective function and constraints for a network problem, and model it with software.
Specify an integer programming model.
Appropriately use rounding and stopping rules, and branch & bound
Characterize the different components of a time series (trend, seasonality, autocorrelation, volatility, mean reversion).
Use probability distributions in a financial model simulation.
Fit various autoregressive models (ARCH, GARCH, more).
Determine the correlation structure in time series.

Prerequisites

You should be familiar with basic statistics, as covered in:

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Statistics 1 – Probability and Study Design

This course, the first of a three-course sequence, provides an introduction to statistics for those with little or no prior exposure to basic probability and statistics.

Topic: Statistics, Introductory Statistics | Skill: Introductory | Credit Options: ACE, CAP, CEU
Class Start Dates: Feb 3, 2023, Mar 3, 2023, Apr 7, 2023, May 5, 2023, Jun 2, 2023, Jul 7, 2023, Aug 4, 2023, Sep 1, 2023, Oct 6, 2023, Nov 3, 2023, Dec 1, 2023, Jan 5, 2024, Feb 2, 2024, Mar 1, 2024, Apr 5, 2024, May 3, 2024

Statistics 2 – Inference and Association

This course, the second of a three-course sequence, will teach you the use of inference and association through a series of practical applications, based on the resampling/simulation approach, and how to test hypotheses, compute confidence intervals regarding proportions or means, computer correlations, and use of simple linear regressions.

Topic: Statistics, Introductory Statistics | Skill: Introductory | Credit Options: ACE, CEU
Class Start Dates: Feb 10, 2023, Mar 10, 2023, Apr 14, 2023, May 12, 2023, Jun 9, 2023, Jul 14, 2023, Aug 4, 2023, Sep 8, 2023, Oct 6, 2023, Nov 10, 2023, Dec 8, 2023, Jan 5, 2024, Feb 9, 2024, Mar 8, 2024, Apr 12, 2024

Courses

The Operations Research Mastery Series consists of three out of four 4-week courses (you choose) offered completely online at Statistics.com.

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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.

Topic: Data Science, Operations Research | Skill: Introductory | Credit Options: ACE, CAP, CEU
Class Start Dates: Jul 7, 2023, Jan 12, 2024, Jul 5, 2024

Integer and Nonlinear Programming and Network Flow

This course will teach you a number of advanced topics in optimization: how to formulate and solve network flow problems; how to model and solve optimization problems; how to deal with multiple objectives in optimization problems, and techniques for handling optimization problems.

Topic: Analytics, Operations Research | Skill: Intermediate | Credit Options: ACE, CAP, CEU
Class Start Dates: Sep 8, 2023, Sep 13, 2024

Risk Simulation and Queuing

This course will teach you modeling technique making decisions in the presence of risk or uncertainty, including risk analysis using Monte Carlo simulation, queuing theory for problems involving waiting lines, and decision trees for analyzing problems with multiple discrete decision alternatives.

Topic: Analytics, Operations Research | Skill: Introductory | Credit Options: ACE, CAP, CEU
Class Start Dates: May 5, 2023, Nov 10, 2023, May 10, 2024

Financial Risk Modeling

This course will teach you how to model financial events that have uncertainties associated with financial events.

Topic: Analytics, Operations Research | Skill: Intermediate, Advanced | Credit Options: ACE, CAP, CEU
Class Start Dates: Jun 9, 2023, Jun 7, 2024

What Our Students Say

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This course was flat-out excellent. Dr. Ragsdale sets the gold standard for teaching, from his clear and informative text to his prompt and helpful forum responses to his efficient and effective course design. I now have tools that I can put work immediately to benefit my company. Anuja, our teaching assistant, was also superb, providing timely help and support when needed.

William Barbour

Consultant at TEKsystems

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

Tuition and Fees

Plus a $65 Recording Fee.

1,749

Frequently Asked Questions

How does the Mastery Series program work?

The Institute offers specializations in topics in several areas of focus. Successfully complete three of the courses listed for any specialization and you'll earn a Record of Specialization from the Institute for Statistics Education at Statistics.com.

Please see our knowledge center for more information.

What types of courses are offered in Mastery Series?

Courses in the Mastery Series are standard Statistics.com courses - small classes, regular interaction with your instructor throughout the course, rapid expert feedback on your homework and projects.

Please see our knowledge center for more information.

What if I have already mastered a topic from prior experience?

If you have mastered a topic from prior experience, let us know and we’ll swap out that course for another.

Are courses eligible for college credit?

Many of the courses at The Institute for Statistics Education have been recommended for academic credit by The American Council on Education (ACE). ACE-accredited courses can be transferred to another educational institution that accepts ACE credit.

Visit our knowledge base and learn more.

Latest Blogs

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Algorithms

We have an extensive statistical glossary and have been sending out a "word of the week" newsfeed for a number of years. Take a look at the results

Additional Information

Organization of Series

The Mastery Program consists of standard Statistics.com courses – small classes, regular interaction with your instructor throughout the course, rapid expert feedback on your homework and projects. You can register for the courses individually, and even incorporate courses that you have recently successfully completed.

Courses takes place online at The Institute. 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 are 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 material relevant to the course, 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

There are 3 courses in this Mastery Series.

Each course is a 4-week course requiring 10-15 hours per week of review and study, at times of your choosing. You may build your own course calendar to meet your individual requirements. The Mastery Series program may be completed in less than six months to one year, depending on your personal schedule and course availability.

Course Fee & Information

Record of Mastery Documentation Fee
Upon Mastery completion, there is a $65 recording fee to receive your Record of Mastery documentation.

Transfers and Withdrawals
We have flexible policies to transfer to another course or withdraw if necessary (modest fee applies).

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.

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.

Group Rates
Contact us to get information on group rates.

Options for Credit and Recognition

Our Mastery Series credits options vary by program and courses offered.

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

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

Certificate Program Credit
If you intend to enroll in a Certificate Program following completion of your Mastery Program, your course work may be assessed for a grade. In addition, your courses will be assessed for transferability to the Certificate Program course requirements. In most cases, if your Mastery Program courses are also included in the Certificate Program as either required courses or elective courses, your completed Mastery Program course work will be transferred to the Certificate Program.

CEU’s 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.

CAP-INFORMS
Courses in your Mastery Program that have been recognized by the Institute for Operations Research and the Management Sciences (INFORMS) as helpful preparation for the Certified Analytics Professional (CAP®) exam will be will be issued a “Record of Course Completion” by The Institute upon your request, after successfully completing the course.

ACE CREDIT / College Credit
Courses in your Mastery Program that have been endorsed by the American Council on Education (ACE) will be issued a “Record of Course Completion” by The Institute upon your request, after you successfully complete the course. Please note that the decision to accept specific credit recommendations is up to the academic institution accepting the credit.

Digital Badge

For courses in your Mastery Program that have been endorsed by the American Council on Education (ACE), a digital badge will be made available upon successful completion of the course.

Miscellaneous

Visit our knowledge base to learn more about our Mastery Series.

Operations Research Mastery Series

Overview

Who This Mastery Serves