Admission requirements
Not applicable
Description
Ever wondered how companies decide what products to produce or how they optimize their investment portfolios? The answer lies in computer-based models! In this course, you will learn how to build and use these models to make data-driven decisions that can give businesses a competitive edge.
In other words: this course is an application-oriented introduction to computer-based models for decision making. You will learn how to model (and optimize) large-scale systems in a wide variety of business domains - such as finance, marketing and operations. These models can be applied in the context of production planning, product mix strategy, portfolio optimization, bidding, among others.
The course will cover the basic elements of business modeling: how to formulate a model and how to use and interpret the information a model produces.
The following are some of the key topics that will be covered during the course’s lectures:
Introduction to decision models.
Linear programming formulation.
Demonstration of the spreadsheet optimization method.
Product mix optimization.
Transportation planning.
Understanding the solver sensitivity report.
Bidding/assignment problems.
Portfolio optimization.
Computer-based Applications
We will use Excel spreadsheets extensively throughout the course. More specifically, we will explore Excel's built-in optimization features.
1) Excel's Optimizer (Solver)
In today's business world, data-driven decision making is key. Excel's Solver empowers you to tackle complex business problems and find optimal solutions.
In this course, you will learn how to create advanced optimization models to solve real-world business challenges.
2) Burrito Optimization Game
This free, web-based game lets you play the role of a business owner opening burrito trucks in a virtual city. As you play, you will learn how optimization helps businesses make the best decisions, even with complex factors like costs, customer demand, and location. You will also see firsthand how difficult it can be to find the absolute best solution, especially as the game becomes more complex.
The game uses an optimizer to show you the most efficient way to place your burrito trucks, giving you a practical example of how optimization algorithms are used in real-world scenarios.
Course objectives
Upon successful completion of this course, students will be able to:
Analyze real-world business challenges to identify opportunities for optimization modeling.
Evaluate the effectiveness of different optimization models in addressing specific business problems.
Formulate, develop and implement an optimization model (using tools such as Excel's Solver) to solve business challenges.
Interpret the results of optimization models to extract valuable information and insights for strategic decision-making.
Timetable
In MyTimetable, you can find all course and programme schedules, allowing you to create your personal timetable. Activities for which you have enrolled via MyStudyMap will automatically appear in your timetable.
Additionally, you can easily link MyTimetable to a calendar app on your phone, and schedule changes will be automatically updated in your calendar. You can also choose to receive email notifications about schedule changes. You can enable notifications in Settings after logging in.
Questions? Watch the video, read the instructions, or contact the ISSC helpdesk.
Note: Joint Degree students from Leiden/Delft need to combine information from both the Leiden and Delft MyTimetables to see a complete schedule. This video explains how to do it.
Mode of instruction
The course is composed of 6 in-person lectures, individual assignments and a final exam. You are expected to complete the specified assignments before coming to class, and be active participants during the lecture.
Assessment method
Individual assignments:
There are assignments to be submitted individually, but you are allowed to discuss them with your classmates.
Participation:
During the class sessions, you will be asked to present your results in class and actively participate in the lectures to receive participation points.
More specifically, students can accumulate participation points (which will be used to calculate the participation grade) when they:
Actively participate in class (answering to the instructor's open questions)
Briefly present (during the lecture) and explain their approach to solve an individual assignment. Students should let the instructor know in advance (by email) if they want to present.
Briefly present (during the lecture) and explain their approach to solve one of the in-class exercises.
Final exam:
There is a closed-book exam for this course, which covers all the materials discussed during the course.
Bonus points
Before starting each session, we will do a Kahoot quiz to review the content from the previous lecture. Students can accumulate bonus points (up to +0.5 added to final grade before rounding) when they are ranked within the top participants in a Kahoot quiz. When the course ends, the student(s) with the highest number of bonus points will get up to +0.5 on their final grade (before rounding). The rest of students with bonus points will get between +0.4 and +0.1 (depending on their number of bonus points).
Bonus points are only applicable if the student meets the requirements to pass the course.
Grading
Your final grade will be determined according to the following components (see below). Your final score needs to be at least 5.5 (on a scale of 10) in order to pass the course. In addition, you need to score at least 5 in each component to pass the course.
If you failed the exam, you should attend the re-sit exam. The re-sit is still a closed-book exam and it will replace your previous exam score, accounting for 50% of your final grade. The individual assignments and the participation component cannot be retaken: if you fail these components (or if you do not complete the assignments/ do not participate in the course) you will fail the course and will need to register for the next edition of the course. After the re-sit, if your final grade is at least 5.5, then you pass the course. The grade for a non-completed/ non-submitted assignment will be a 0.
Weight (All components are mandatory for passing the course)
Individual Assignments 30%
Class Participation 20%
Exam 50%
After the grades are published, it will be possible to request a meeting to inspect the exam in the professor's office.
Students fail the course if any of the partial components (except the exam) that make up the final mark of the course is assessed below 5.0.
Students fail the course if the grade for the (final) exam is assessed below 5.0.
The final grade is expressed as a whole or half number between 1.0 and 10.0, including both limits. The result is not to be expressed as a number between 5.0 and 6.0.
If one of the components of the final mark constitutes a component that assesses attendance or class participation, students cannot take a retake for this component. Therefore, students fail the course if their mark for this component is less than 5.0.
Partial grades, inclusive the exam grade will not be rounded. If partial grades will be communicated, it is possible partial grades are rounded, but unrounded partial grades will be used in the calculation of the final grade. The final grade will be rounded at 0.5 (5.49 will rounded down to a 5 and a 5.5 will be rounded up to a 6.0).
Students pass the course if the final grade is 6.0 or higher (5.49 will rounded down to a 5 and a 5.5 will be rounded up to a 6.0).
It is not possible to do retakes for group assignments. Therefore, if students fail the group assignment component, they fail the course.
For courses, for which class participation is an assessment component, students may not be penalised for an absence if the student has a legitimate justification for this absence. The student must notify the program coordinator via email (info@sbb.leidenuniv.nl) of such an absence BEFORE the lecture, describing the reason for missing the lecture. If the student does not notify the program coordinator before the lecture, the student will be penalised. Students may be required to provide further documentation to substantiate their case, and class attendance requirements are only waived under exceptional circumstances such as illness.
Reading list
The following books are recommended (NOT mandatory) for the course:
Winston and Albright.* Practical Management Science: Spreadsheet Modeling and Application*.
John F. Barlow. Excel Models for Business and Operations Management.
Registration
As a student, you are responsible for enrolling on time through MyStudyMap.
In this short video, you can see step-by-step how to enrol for courses in MyStudyMap.
Extensive information about the operation of MyStudyMap can be found here.
There are two enrolment periods per year:
Enrolment for the fall opens in July
Enrolment for the spring opens in December
See this page for more information about deadlines and enrolling for courses and exams.
Note:
It is mandatory to enrol for all activities of a course that you are going to follow.
Your enrolment is only complete when you submit your course planning in the ‘Ready for enrolment’ tab by clicking ‘Send’.
Not being enrolled for an exam/resit means that you are not allowed to participate in the exam/resit.
Contact
Remarks
There is only limited capacity for external students. Please contact the programme Co-ordinator.
Students are responsible for enrolling/unenrolling themselves for (partial) exams/retakes.
Students who are entitled to more exam/retake time must report to info@sbb.leidenuniv.nl 10 days before the exam/retake takes place.
Software
Starting from the 2024/2025 academic year, the Faculty of Science will use the software distribution platform Academic Software. Through this platform, you can access the software needed for specific courses in your studies. For some software, your laptop must meet certain system requirements, which will be specified with the software. It is important to install the software before the start of the course. More information about the laptop requirements can be found on the student website.