Operations Research for Cost Analysts

Course #OS3006

Est.imated Completion Time: 3 months

Overview

This course is a survey of operations research techniques. Spreadsheet analysis using Excel is applied to problem solving using methods in decision theory, linear programming, network flow, simulation, queuing, forecasting, and project management techniques. Students will practice defining a problem, formulating a model, attaining a solution and evaluating the results using operations research techniques. Subject Matter Experts in cost estimation will provide an overview and background in cost estimation. Cost estimation examples are provided as part of homework exercises. Prerequisites: None.

Included in Degrees & Certificates

379

Learning Outcomes

Students will learn the basic fundamentals of developing optimization models to solve problems using linear programming.
Students will use Bayes’ Theorem to develop decision trees and calculate the expected values for selecting the best alternative.
Students will be introduced to queueing systems and the formulas for calculating wait times and lengths of queues.
Students will learn the basic fundaments of creating simulation models.
Students will learn the basic concepts of forecasting demand using the exponential smoothing algorithms.
Students will learn the basic Economic Order Quantity inventory models used in replenishment systems.

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Application Deadlines

No upcoming deadlines.