Course

Course Summary
Credit Type:
Course
ACE ID:
STAT-0022
Organization's ID:
#610
Organization:
Statistics.com
Location:
Online
Length:
8 weeks (120 hours)
Dates Offered:
Credit Recommendation & Competencies
Level Credits (SH) Subject
Upper-Division Baccalaureate 3 linear programming
Description

Objective:

The course objective is to cover how to apply linear programming to complex systems to make better decisions - decisions that increase revenue, decrease costs, or improve efficiency of operations. Students will explore the role of mathematical models in decision-making and how to formulate basic linear programming models where multiple decisions need to be made while simultaneously satisfying multiple conditions or constraints.

Learning Outcomes:

  • describe what types of decisions are amenable to linear programming solutions
  • Formulate a linear programming model, and represent it graphically
  • Solve the LP model with spreadsheet-based software
  • Use LP models for various decisions: make or buy, where to invest
  • use sensitivity analysis and shadow prices to gain additional information from the LP solution
  • demonstrate knowledge of how models are used in the decision making process and the potential weaknesses of judgment-based decision making
  • Understand the fundamental concepts involved in optimization and linear programming
  • Build linear programming models and implement and solve them in Excel
  • analyze the effects of changes in various model parameters

General Topics:

  • The role of models in decisions
  • Linear Programming Models
  • Domain Specific Illustrations
  • Sensitivity Analysis
Instruction & Assessment

Instructional Strategies:

  • Case Studies
  • Classroom Exercise
  • Coaching/Mentoring
  • Computer Based Training
  • Discussion
  • Practical Exercises
  • Project-based Instruction

Methods of Assessment:

  • Other
  • Quizzes
  • Project

Minimum Passing Score:

80%
Supplemental Materials