Operational Research

The course covers in depth the issue of decision making in business environment and the role of Operational Research. Extensive description and analysis of the theory and practice of dealing with decision-making problems in a business environment is performed. Modeling and solving of linear programming problems (LP) is presented and analyzed. The simplex method is described and presented in detail as well as many special cases of LP problems.

Objectives

Upon completion of the course, students are expected to have acquired the necessary knowledge and skills to: -Can fluently tell whether the problem to be solved can be addressed through operational research techniques and be able to construct the mathematical model -Be able to solve the problem with a software package -Be able to analyze the solutions and answer questions concerning the parameters of the problem changes (sensitivity analysis) -Acquire some very basic theoretical knowledge of the subject

Prerequisites

There aren't any.

Syllabus

The course takes place in ten lectures covering in depth the issue of decision making in business environment and the role of Operational Research. Extensive description and analysis of the theory and practice of dealing with decision-making problems in a business environment is made. In detail the contents of the course are the following: 1) Linear Programming -Fields of use and linear programming (LP) -The modeling methodology of LP -Examples -Graphical solving of LP problems -Sensitivity analysis through graphical approach -Classic applications of LP problems -Solution with computer applications 2) The simplex method -Reduction problems of LP problems in their normal form -Basic feasible solutions and their use in LP problems -Solving LP problems with the simplex method -Special cases of LP problems