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Quantitative Management: Problem Solving Through Modeling

Audience

Analysts and business decision makers seeking competency in the area of quantitative management

Prerequisites

A general understanding of information systems and management principles, along with a grounding in calculus and algebra

Course Aim

To introduce modeling and decision analysis, including LINDO implementation

Learning Objectives

Describe the problem-solving process. Explain the use of models to solve problems. Create basic quantitative models. Express optimization problems mathematically. Outline the formulation of linear programming models. Formulate linear programming models. Plot feasible solution regions on graphs. Use graphs to find optimal solutions. Convert linear programs to standard form. Solve linear programming problems graphically. Identify special conditions. Explain LINDO. Formulate and interpret problems in LINDO. Avoid and correct errors in LINDO. Explain how to formulate a spreadsheet model. Formulate a spreadsheet model. Use the Solver tool in Microsoft Excel.

Topics Covered

Introduction to Modeling - The problem-solving process - Model development - Basic quantitative models Linear Programming Model - Optimization - Problem formulation - Hands-on: Formulating a simple LP model Graphical Solution - The feasible region - The optimal solution - Standard form - Hands-on: Finding a graphical solution - Special conditions LINDO Model - Getting started - Formulation and interpretation - Common errors Spreadsheet Model - Spreadsheet formulation - Hands-on: Formulating spreadsheet models - Spreadsheet solution