Business Modeling

2 credit hours

The purpose of this course is to provide exposure to a number of different modeling techniques that are used in operations management, developing your skill both in building models and interpreting the output of these decision tools. Although the emphasis of this course is on operations, the tools that we will discuss have practical applications in a wide variety of functional areas, including marketing, finance and human resource management. Specific modeling concepts considered are:

  • Time series regression for forecasting with seasonality adjustments
  • Linear and non-linear optimization
  • Discrete event simulation
  • Business models (regression + optimization or simulation + optimization) for decision-making

The objective is not to create expert mathematicians; we will discuss the theoretical underpinnings of these techniques only as needed. Rather, the emphasis is on assessing the applicability of these tools in practical situations. Additional cases are available to students who want extra practice material in disciplines such as finance and marketing.