Science of Decision Making: A Hands-on Approach

Programme Overview

Application of Quantitative Techniques in decision making is increasing in scope and effectiveness in solving business problems with spreadsheet models like Excel. The operations research based mathematical optimisation models are now simple and can be practised by any manager.

The programme aims to arm managers with knowledge of quantitative techniques and help them understand how and when they need to be used to minimize risk and improve creative ways of solving both long term, strategic problems as well as short-term, tactical problems. There will be a strong emphasis on applied work with focus on applying the tools and techniques in varied real life decision environments.

This Management Development Programme (MDP) has been designed to take the participants in a systematic way through

• Problem definition
• Identification of relevant data
• Developing an appropriate mathematical model for solving the problem
• Applying the model and finding an optimum solution by selecting practical cases spread over many domains including supply chain, operations, marketing and finance.

Programme Objective and Pedagogy

• Familiarise the participants with the systematic process of decision making
• Acquire skills in using mathematical optimisation models in solving business problems
• Give hands-on experience in solving the problems with Excel
• Simplicity, conceptual clarity and hands-on experience will make the programme very useful in decision making.

Programme Content

• Operation research tools
• Product mix models
• Advertising models
• Assignment models
• Transportation models
• Sensitivity analysis
• Supply chain network optimisation models
• Investment decisions
• Portfolio optimisation
• Decision Tree and Monte Carlo simulation for decision under uncertainty and risk analysis

Who can attend?

• Any decision maker – Executive and manager
• Practitioners and Consultants
• Basic knowledge of Excel required.