OPRS3113 Course Outline

OPRS 3113, OPERATIONS RESEARC (Probabilistic Models)

Prerequisites: Math 1242, 2164, and Stat 2122 or Stat 3122

Text: Operations Research, Applications and Algorithms, by Wayne L. Winston, 4th ed.

Week Section Topics

  1. 13.1 — 13.2 Decision Criteria and Utility Theory
  2. 13.2 — 13.3 Utility Theory and Flaws in Expected Maximization of Utility: Prospect Theory and Framing Effects
  3. 13.4 – 13.5 Decision Trees and Bayes’ Rule
  4. 13.6 – 13.7 Decision Making with Multiple Objectives and The Analytical Hierarchy Process; Test #1
  5. 15.1 – 15.2 Basic Deterministic EOQ Inventory Models
  6. 15.3 – 15.4 EOQ with Discounts, and Continuous Rate EOQ Models
  7. 15.5 EOQ Model with Back Orders
  8. 16.1 – 16.3 Probabilistic Inventory Models, The News Vendor Problem: Discrete Demand
  9. 16.4 – 16.5 The News Vendor Problem: Continuous Demand; Other Models; Test 2
  10. 17.1 – 17.2 Markov Chains; n-Step Transition Probabilities; States Classification; Mean First Passing Times
  11. 17.3 – 17.4 Markov Chains: Absorbing Chains; Work-Force Planning
  12. 18.2 – 18.4 Deterministic Dynamic Programming: Network and Inventory Problems
  13. 18.4 – 18.6 Deterministic Dynamic Programming: Equipment-Replacement Models
  14. Test 3 & 19.1 Deterministic Dynamic Programming: Formulation of Problems
  15. 19.2 – 19.4 Probabilistic Dynamic Programming: Further Examples
  16. Final Exam