Mathematical Modeling for Decision Making

Indian Institute of Management Indore

Indian Institute of Management Indore

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Who should attend

Industry executives working in operations, supply chain planning and analytics.

About the course

Operations research or Management science (OR/MS) provides important tools to solve real world problems and these methods have applications in real world business applications in operational planning and scheduling. One estimate puts the amount of savings every OR/MS project achieves at either 40 million dollars, or 30 percent of the total project cost, whichever is greater. However, mathematically modeling a problem is as much an art as it is a science, and the best way to master it, like any other art, is through practice. This programme is targeted to industry executives who are involved in planning and data analytics in operations and financial domain to train them in using OR/MS mathematical modeling techniques to tackle real world

Objectives

The course aims to achieve the following objectives:

  • Train participants to develop mathematical models to model real-world managerial problems, and to use OR/MS tools to solve them. This will be done through modeling real-world problems, drawn from diverse areas of management: Product Line Design from Marketing; Paper recycling from Public Systems; Investments for electricity generation from Finance; Locating fulfillment centers, Supplier selection, Assembly line balancing, Job scheduling, Freight allocation with lane cost balancing problem, Milk collection problem from Operations/Logistics & Supply Chain; Bandwidth packing, Selecting Telecommunication carriers from Telecommunications.
  • To train participants understand the differences between alternate model choices, and identify one that is computationally more efficient.

To train participants in the use of a AMPL (A Mathematical Modeling Language) for modeling and solving large problems arising in real world.

Content

Real world case studies modeled using AMPL software in various areas like:

  • revenue management in logistics
  • production/allocation planning in manufacturing
  • workforce scheduling
  • logistics network design
  • supplier selection optimization
  • freight planning and allocation
  • assembly line
  • project management
  • transportation route planning
  • portfolio optimization in finance

Experts

Saurabh Chandra

Prof. Saurabh Chandra has done his FPM from IIM Lucknow. His doctoral thesis was in the field of maritime logistics. Before joining the doctoral programme at IIM Lucknow, he has worked with Mitsui OSK Lines as an Assistant Marine Engineer and as Chief Engineer with Ocean Sparkle Ltd. and COMACOE ...

Mathematical Modeling for Decision Making at Indian Institute of Management Indore

From  42000 INR$586

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