Day 4: Business Modeling and Optimization-

Session 1: Recap and Introduction

  • Start the day with a brief recap of the key concepts from the previous days.
  • Emphasize the connection between statistical analysis and business decision-making.
  • Outline the objectives for Day 4, focusing on business modeling and optimization.

Session 2: Introduction to Optimization Techniques

  • Define optimization and its importance in business.
  • Discuss different types of optimization problems (linear, nonlinear, integer, etc.).
  • Provide examples of optimization problems in various industries.

Session 3: Linear Programming for Business Optimization

  • Introduce linear programming as a powerful method for solving optimization problems.
  • Explain the components of a linear programming problem (objective function, constraints, decision variables).
  • Demonstrate how to set up and solve a simple linear programming problem using Excel Solver.

Session 4: Solver Tool in Excel

  • Dive deeper into the use of the Solver tool in Excel.
  • Explain how to formulate and solve linear programming problems with Solver.
  • Walk through practical examples of using Solver for business decision-making.

Session 5: Case Study: Supply Chain Optimization

  • Present a real-world supply chain optimization case study.
  • Guide participants through the process of modeling the problem using linear programming.
  • Instruct participants to use Excel Solver to find the optimal solution.
  • Encourage participants to discuss their findings and insights.

Session 6: Hands-on Exercise: Building Your Optimization Model

  • Provide participants with a different business scenario that requires optimization.
  • Instruct participants to create an optimization model in Excel, including setting objectives and constraints.
  • Encourage participants to use Solver to find the best solution.
  • Facilitate group discussions and share best practices.

Session 7: Q&A and Wrap-Up

  • Address any questions or challenges participants encountered during the optimization exercises.
  • Summarize the key concepts related to optimization covered during the day.
  • Assign any homework or readings for preparation for the final day, if necessary.
  • Provide contact information for instructor assistance.