Operations Research (1): Models and Applications
Learn about Operations Research (OR) and its applications in business and management. This course covers linear programming, integer programming, and nonlinear programming, providing mathematical models to solve optimization problems. Gain valuable skills in formulating real-world business problems into mathematical models for computer-based solutions.
Operations Research (OR) is a field in which people use mathematical and engineering methods to study optimization problems in Business and Management, Economics, Computer Science, Civil Engineering, Industrial Engineering, etc. This course introduces frameworks and ideas about various types of optimization problems in the business world. In particular, we focus on how to formulate real business problems into mathematical models that can be solved by computers.
What you will learn
Course Overview
This lecture gives students an overview of what they may expect from this course, including the fundamental concept and brief history of Operations Research. We will also talk about how mathematical programming can be used to solve real-world business problem.
Linear Programming
Linear programming (LP) is one of the most important method to achieve the outcome of optimization problems. We can use LP models for various decisions, including production, inventory, personnel scheduling, etc.
Integer Programming
In many practical areas, some of the optimization problems occur with integrality constraints imposed on some of the variables. Facility location, machine scheduling, and vehicle routing are some examples. Integer Programming (IP) provides a mathematical way to solve these problems.
Nonlinear programming
In the real life, many problems involve nonlinearities. Examples include pricing, inventory, and portfolio optimization. For such problems, we may use Nonlinear Programming (NLP) to formulate them into models and solve them.
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