Optimization (Production & Operation Management) labs equips students with a number of tools and techniques used to make decision on Product, Price and Promotion. They include Optimization, Cash Budgeting, Break-Even & Operating Leverage.
Optimization technique i.e., finding maximum or minimum value of an objective function within the constraints has many applications in the science of management. This particular lab deals with its specific applications to productions and operations management.
EXPECTED LEARNING OUTCOME
At the end of the following labs, students will be confident of solving optimizations problems in Microsoft Excel.
One 90 minutes webinar lecture session per each lab
One 90 minutes online doubt solving session per each lab
Access to video lessons for Additional References per each lab
One set of carefully selected problem sets per each lab
Searchable and dedicated discussion Forum thread for each lab
Grading and Overall Feedback video for each lab
3 – 4 Weeks
Conveniently priced on per lab basis for a section of up to 60 students.
2-3 hours per week preferably during evening or weekends.
Laptop with Microsoft Office 2007 or later, OR access to college computer lab, AND bandwidth.
Recommended to be used as course companion labs in “Productions and Operations Management” course or as a standalone value adding certification program in MBA level programs.
Lab 1: Product Mix Optimization Applications
This lab helps students in determining the output levels of a combination of products in order to maximize profit.
Lab 2: Inventory & EOQ Applications
This lab helps students in determining the inventory levels of multiple inputs in order to minimize inventory carrying cost or stock out cost.
Lab 3: Price Optimization Applications
This lab helps students in determining the prices levels of multiple products in order to maximize revenue.