Optimization And Simulation Modeling - Advanced

This course constitutes an advanced option in the menu of classes satisfying the Core requirement in Optimization and Simulation Modeling (OSM). The course is an advanced version of OIT 245 and OIT 247, covering a similar set of basic concepts of OSM (such as modelling for optimization, math programming, Monte Carlo simulations and decision tree). But here we use Python, instead of Excel. By the end of the course, students should develop the basic mental framework of optimization and leave with a good understanding of different types of optimization and simulation. The class is taught in an interactive style, focusing on a variety of applications drawn from advertising, healthcare, finance, supply chain management, revenue management and pricing, scheduling, and risk management. In terms of software, we will use Python as the basic software, complemented with Gurobi for formulating and solving optimization models. Note well, however, that this is not a course on Python, but on modelling and optimization. Students should be comfortable using these software packages by the end of the class, but no specific prior experience with these packages is necessary. Some prior coding experience is helpful, but is not a strict requirement for the course.