ETF2480 · Optimisation for business

Overview

The ability to understand and mathematically formulate decision problems is a fundamental skill for managers in any organisation. This unit serves as an introduction to various optimisation techniques that are essential in business operations. You will learn to approach complex real-life problems, formulate appropriate models and compute solutions that offer managerial insights in various applications such as capacity planning, production management, and resource allocation. Methods include linear programming, integer programming and non-linear programming. Applications in management, marketing, accounting, finance and related fields are emphasised.

Offerings

Assessment

The Handbook lists an examination for this unit.

Assessment details may change. Please refer to the assessment information in Moodle closer to the start of the teaching period.

Requisites

Learning outcomes

1. select the appropriate basic optimisation models according to the business context
2. formulate the optimisation problem for management decision making
3. identify the potential limitations of the models and suggest creative solutions to overcome model weaknesses
4. provide interpretations and managerial insights according to the solution of the optimisation problem
5. implement and solve the optimisation model using scalable software.

Workload

Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. You are expected to complete all pre-class activities prior to your scheduled class, and post-class activities should be completed after your scheduled class. Learning activities may include a combination of teacher directed, peer directed and online engagement activities.

Student experience, not official rules. Nothing here changes what the Handbook says.