Decision making is crucial for the survival of business. Businesses have to make decisions considering the limited amount of information. In taking critical decisions, managers need to be aware of scientific tools and techniques that can be used to good effect to minimise the level of risk involved in taking such decisions. This programme focuses on quantitative approaches to understand a problem and identify solutions.
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 the knowledge of quantitative techniques and help them understand how and when they need to be used to minimise 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 in solving the problem
Applying the model and finding optimum solutions 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 for using mathematical optimisation models in solving business problems
- Give hands-on experience in solving the problems using Excel
- Simplicity, conceptual clarity and hands-on experience will make the programme very useful for decision making.
- Operation research tools
- Product mix models
- Advertising models
- Assignment models
- Transportation models
- Sensitivity analysis
- Supply chain network optimization 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.