Msci331_fall_2011 Course Project

Msci331_fall_2011 Course Project - MSCI 331 UNIVERSITY OF...

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UNIVERSITY OF WATERLOO DEPARTMENT OF MANAGEMENT SCIENCES MSCI 331 Introduction to Optimization Fall 2011 Application Project Suppose you work as an Operations Research Analyst or Consultant. A key decision maker or client at an organization hired you to investigate one of the challenges that the company has been struggling with and is affecting its bottom-line (or explore a potential opportunity that might boost the company’s profits). The client expects you to work on this project as part of a team. Your task begins by understanding the scope and structure of the investigated challenge. First, you must expand your knowledge of current developments in operations research and management science by carefully selecting and briefly reading few articles published in top-refereed journals, such as INTERFACES, and using these articles to guide you in defining an interesting mini-case that emulates the challenge. Second, concentrating your research on an article that contains realistic application of deterministic optimization model pertinent to the challenge will help you adapt the concepts, methodologies, and approaches used in that article to the challenge (or opportunity) at the client’s organization. Furthermore, literature reading and review will provide you and your team members with valuable insights about how other analysts used operations research techniques in similar situations, handled ill-defined problems, kinds of engineering judgments they made, and how they validated and tested their models. The main objectives of the project are: 1. Explore a real-life challenge where operations research techniques have been used to make better decisions. 2. Apply knowledge gained in the course to a practical application. 3. Experience major steps in formal model building. 4. Demonstrate the ability to tackle challenging problems with ill-defined structure. 5. Use operations research tools to solve the models, interpret results, and perform sensitivity analysis. 6. Present your model, analysis, and conclusions in a professional way. Teams and Topics The project will focus on an application of the modeling approaches and solution tools discussed in the course. A list of potential articles is posted on the course website on UW-ACE and will be assigned on a First come-First serve basis. (Be careful not to choose from to the list of Banned Articles.) Please consult the instructor if you prefer to select your own article from the INFORMS journal “INTERFACES”. 1.
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Msci331_fall_2011 Course Project - MSCI 331 UNIVERSITY OF...

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