Optimization and Simulation Modeling

3 credits · GSB

This course provides basic skills in quantitative modeling. The objective is to familiarize students with the main steps in an analytical approach to business decision making: constructing an abstract model for a relevant business problem, formulating it in a spreadsheet environment such as Microsoft Excel, and using the tools of optimization, Monte Carlo simulation and sensitivity analysis to generate and interpret recommendations. The class will be taught in a lab style, with short in-class exercises done in small teams, focusing on a variety of applications drawn from online advertising, healthcare, finance, supply chain management, revenue and yield optimization.