Course details
- DepartmentDepartment of Mathematics
- Application codeSS-ME205
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Overview
Operations Research (OR) Methods provide an essential toolkit for solving real-world problems that arise in various industries, such as the financial and tech sectors, healthcare, manufacturing, and planning. In this course, you will be introduced to a diverse set of OR methods and applications, including, but not limited to, the following:
- Dynamic programming: How should one design an optimal policy for buying stock options? How should a project manager distribute collective effort to fulfil the deliverables and minimise the time span of the project?
- Integer and linear programming: How should radiotherapists design a treatment plan for their cancer patients? How should a manufacturer price its resources? What is the shortest tour through the 50 states in the United States? How does a computer solve a Sudoku puzzle?
- Markov chains: How should an internet search engine rank trillions of results when a search takes place? In Snakes and Ladder, how do the expected number of moves to the finish line differ depending on where you are on the board?
- Queueing theory: How should a high-performance computing facility assign jobs to its servers? How many tellers should you hire so that 90% of the bank customers wait at most 5 minutes before being served?
- Game theory: Faced with stiff competition in the marketplace, how should you pick your strategy or strategies? What is the payoff of a strategy?
Through an engaging set of lectures and classes, you will develop problem-solving and modelling skills, and learn insights necessary for strategic decision-making.
We recommend that students bring a laptop with them as the use of software may help explore some of the concepts covered.
Key information
Prerequisites: An introductory course in each of the following: Linear Algebra, Calculus, and Probability & Statistics.
Level: 200 level. Read more information on levels in our FAQs
Fees: Please see Fees and payments
Lectures: 36 hours
Classes: 18 hours
Assessment: The course will be assessed by a midterm and a final exam (each 2 hours)
Typical credit: 3-4 credits (US) 7.5 ECTS points (EU)
Please note: Assessment is optional but may be required for credit by your home institution. Your home institution will be able to advise how you can meet their credit requirements. For more information on exams and credit, read Teaching and assessment
Is this course right for you?
This course is suitable if you want to master strategic decision-making and/or learn foundational topics in Operations Research. It is especially useful if you are targeting a role in consulting, operations, or management. The course has minimal quantitative prerequisites and is otherwise self-contained.
Outcomes
- Understand mathematical tools for strategic decision-making prevalent in several industries.
- Identify, model, and solve problems that relate to optimisation, two-player games, or stochastic processes.
- Compare and analyse linear, integer, and dynamic programming for solving optimisation problems.
- Compare and analyse deterministic and stochastic models for single and multi-period inventory management problems.
- Analyse behavioural features of birth-and-death processes and queueing systems.
- Recognise the importance of a Nash equilibrium in zero-sum two-player games.
Content
Faculty
The design of this course is guided by LSE faculty, as well as industry experts, who will share their experience and in-depth knowledge with you throughout the course.
Dr Katerina Papadaki
Associate Professor
Dr Ahmad Abdi
Associate Professor
Department
LSE’s Department of Mathematics is internationally-recognised for its teaching and research. Located within a world-class social science institution, the Department aims to be a leading centre for Mathematics in the social sciences. The Department has more than doubled in size in recent years, and this growth trajectory reflects the increasing impact that mathematical theory and techniques are having on subjects such as economics, finance and many other areas of the social sciences.
Students will engage with world-leading faculty and be exposed to cutting-edge research in the field, at the forefront of the intersection between mathematics and its use in other social science disciplines to solve global problems. This ensures that students within the department are equipped with the necessary analytical skills to tackle important mathematical challenges in a variety of sectors.
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Applications are closed
We are not currently accepting applications for this course. Register your interest below to be notified when applications open again.