lec1 - 15.053 February 7, 2007 Optimization Methods in...

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15.053 February 7, 2007 Optimization Methods in Management Science z Handouts: Lecture Notes Information Sheet Class syllabus plus more Sign up sheet Homework set 1 Welcome to 15.053. This is the first time that I have included notes to go with the PowerPoint slides. I hope that they are helpful. -- Jim Orlin 1
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2 Introductions James Orlin Professor of Operations Research at Sloan Administrative Assistant: Anna Piccolo
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3 Required Materials z Course notes Assignment 1 will be due next Thursday No laptops are permitted in class.
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Grading Policy z z z z z z z Midterm 1 (15%) Midterm 2 (15%) Final Exam (20%) Recitation quizzes (20%) Homework (except Excel) (15%) Excel Homework and Project (15%) Extra Credit (up to 5%) 4
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Homework Policy z Approximately 1 homework set per week, due on Thursdays. Students may work in groups of 2 non-linear grading scheme per assignment (similar to converting scores to A, B, C, D, F) 85% correct leads to a grade of 5/5 < 50% correct leads to a grade of 0/5 lowest score is dropped z Excel Solver “Case study” around 8 assignments on a “diet problem.” illustrates many different concepts in 15.053 individual work (but students can discuss with others) The Excel case study is new this year. In the past, we have had Excel as part of the regular homework; because homework was done in teams, many students deferred the Excel to their partner. Moreover, the Excel assignments were very time consuming. This year, we have a continuing case study. By using a single example throughout the term, we can better illustrate the way that Excel can be used in practice to solve optimization problems. In addition, having a running example makes it more efficient for students to carry out the assignment. Many former 15.053 students have told us that learning that Excel Solver has been very useful in their summer jobs and in their post MIT jobs. 5
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Class Requirements z “Required” Lecture Attendance - 4% for missing more than 10 lectures -2% points for missing between 7 and 10 lectures + 2% points for missing at most 2 lectures z Required Recitation Attendance weekly quizzes (15% of the grade) attendance (5% of the grade) There is recitation this week. sections will be posted on line on Wednesday. We have given the requirements of class attendance and recitation attendance a lot of thought. First of all, we know that requiring lecture attendance goes against the grain of undergraduate education at MIT and reminds some students of high school requirements. Ironically, it is also typical of what is expected of MBA students, and it is expected of job performance in most any job. It is a relatively short phase of one’s life (undergraduate education), where attendance is usually optional. Most Sloan classes expect students to keep up with the material by preparing in advance of class and then participating in class discussions. In 15.053, we provide incentives for students to keep up with the materials through required class and recitation attendance and through quizzes. We have found that this is very
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lec1 - 15.053 February 7, 2007 Optimization Methods in...

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