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OIT 248: Optimization and Simulation Modeling - Advanced

This course constitutes an advanced option in the menu of classes satisfying the Management Perspectives requirement in Optimization and Simulation Modeling (OSM). The course is a superset of OIT 245 and OIT 247, starting with a very fast paced overview of basic concepts, and quickly diving into more advanced topics and software tools. By the end of the course, students should (1) leave with a good understanding of different types of optimization and simulation models and when they are useful; (2) be able to solve real-world models using up-to-date software; (3) when faced with a business problem, be able to identify what type of optimization model is appropriate, and how to set it up most efficiently; (4) be able to understand and discuss model outputs in a critical fashion. The class is taught in an interactive style, focusing on a variety of applications drawn from advertising, healthcare, finance, supply chain management, revenue management and pricing, scheduling, and risk management. We will be using Python as the basic software, complemented with suitable packages for formulating and solving optimization models (e.g., the Gurobi software) and for conducting Monte Carlo simulation. Students should be comfortable using these software packages by the end of the class, but no specific prior experience with these packages is necessary. Some prior coding experience is helpful, but is not a strict requirement for the course.
Units: 3 | Grading: GSB Letter Graded
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