Workshop Description

The workshop focuses on how to identify optimal solutions in various business scenarios, across different industry verticals.
Participants will learn how to formulate, analyse and solve optimisation models to achieve desired objectives / outcomes in the real world.
The course covers concepts of linear programming, integer programmes, nonlinear programmes, dynamic programming, network flow problems and queuing models and its real life applications in major business verticals.

Facilitator

Dr Amit Garg, Founder and Chief Scientist of ORMAE and Guinness World Record Holder in Mathematics

Learning Outcomes

• Better decision making for managers with regards to vendor selection / project or product managementin the domain of Operations Research.
• Understand real world, practical applications of various optimisation techniques like linear programming, non-linear programming, integer programming, metaheuristics in different industrial scenarios.
• Framing a real-world problem as a mathematical programming model and understand the theoretical workings of simple method in linear programming performing iterations by hand.
• Hands-on training on optimization solvers, including Excel Solver Add-In
• How to evaluate suitability, risks and RoI of using industry standard optimization softwares like IBM ILOG CPLEX / Gurobi/ Other Commercial and Open Source

Target Audience

Business Leaders:
Those who are currently managing business’ and handling operations over a large scale. 
Learning the need to apply advanced optimisation concepts to optimise costs or increase revenue. Identify these pockets and engage vendors or in-house teams accordingly. 

Managers: 
Managers striving to bring efficiency in the operations through cost optimisation and data based decision making. Managers in: Supply chain, warehouse, operations, marketing and sales, logistics and distribution, Finance and IT.

Students: 
Students who want to learn, understand, and demystify the world of operations research and also those who are willing to learn more about the career prospects in this area. 
Become next generation innovative managers of optimised business processes.

• Overview of the operations research

  Objectives of operations research

  • Improve decision making
  • Identify optimal solution.
  • Optimizing business processes
  • Scientific decision making by mathematical modelling.
  • Minimize the cost and maximize the revenue
  • Improve the productivity.
  • Success in competition and market leadership

  Operations research methods

  • Mathematical programming
  • Linear & Nonlinear programming
  • Dynamic programming
  • Queuing and stochastic process modelling.
  • Simulation
  • Heuristics and metaheuristics

  Operations research process

  • Formulating the problem
  • Constructing the model
  • Deriving the solution using OR methods
  • Testing the validity and sensitivity analysis
  • Implementing the solution
  • Modifying the model

  Scope of operations research

  Applications of operations research and optimization in different industries

  • Supply chain industry
  • E commerce industry
  • Transportation and logistics industry
  • Tourism industry
  • ITeS and Telecom industry
  • Financial and insurance industry
  • Healthcare industry
  • Manufacturing industry

  Significance and advantages of OR

  • Provides a tool for scientific analysis
  • Provides solution for various business problems
  • Enables proper deployment of resources
  • Helps in minimizing waiting and servicing costs
  • Enables the management to decide when to buy and how much to buy?
  • Assists in choosing an optimum strategy
  • Renders great help in optimum resource allocation
  • Facilitates the process of decision making
  • Management can know the reactions of the integrated business systems