ORIE 5250

Business Applications of Optimization

Course Description

Course information provided by the Courses of Study 2020-2021.

Optimization models and methods are used to make businesses more efficient and cost effective. In this class, we will learn how to build and solve optimization models to make both strategic and operational decisions, and how to use data effectively to implement these models. We will cover business applications and problems such as pricing (how to price a product for retail?), choice modeling (how to estimate customers preferences in an online retail platform?), facility location (where to open warehouses and fulfillment centers?) and matching problems (how to match drivers to riders for example in the ride-sharing business?). The class will discuss both discrete optimization models that are used for instance in matching problems, and continuous optimization models that used for instance in pricing.

When Offered Summer.

Permission Note Enrollment limited to: Cornell Tech students.
Prerequisites/Corequisites Prerequisite: ORIE 5380/CS 5727, basic background on probabilities and stochastic modeling, knowledge of a programming language, such as Python or R or Java, are expected.

• Learn to develop and apply mathematical and analytical models to solve a wide range of optimization problems that arise in business applications.
• Identify opportunities in which optimization and business analytics can be used.
• Identify and solve a business problem using data by working on a project related to topics in operations, pricing and revenue management.

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