Methods For Identifying and Solving Optimization Problems

Methods For Identifying and Solving Optimization Problems


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Business Optimisation aims to teach you methods for identifying and solving optimization problems. In order to
bring these concepts to life, you will be preparing project individually to identify and model a real world
optimisation problem. You will select an actual situation and use the concepts learned from module to define
the problem, build an optimisation model, and solve it.
You should first brainstorm situations from your personal experiences that could benefit from optimisation.
These can include a problem that can be fully solved; that is, the data is available and the solution techniques
are also available. Or you can involve more complex problems in which you focus on what you would do if you
could not solve the full problem. (Even in the latter case, you should collect some data and carry out some
optimisation for some aspect of your problem.)
You should start with the literature review on the problem and problem domain you selected. Critically evaluate
the ideas behind the problem, i.e. models, solution methods and techniques. This aims to show that you have a
general understanding of broad issues associated with your chosen problem. You may also conduct research to
collect data (using surveys, data sources, research papers, focus groups, etc.) or estimated data that is properly
explained that can be used to model the problem. Then you define the problem and model the problem
mathematically using the concepts learned in class. Then using appropriate optimisation software tools to
implement the model and present your solutions. Interpreting and evaluating comprehensively model solutions
are also expected in the report. And you may conclude your report with assessment of the usefulness of your
model and solution method critically for decision-making. Successful project will include a variety of techniques
learned in class (e.g., modelling, solving, sensitivity analysis, etc.). You may also involve knowledge or techniques
from other classes (e.g., data analysis, simulation etc.). The project should include a qualitative assessment of
the situation and a quantitative component that can actually be solved.

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