Operational Research

Subject

Decision making in a business environment and the role of Operational Research

The theory and practice of decision-making

Types of Operations Research Models

1.       Linear Programming (LP)

• Introduction to the subject of LP
• Fields of use and linear programming hypotheses
• The modeling methodology of LP models, Examples
• Graphical problem solving
• Sensitivity analysis through graphical approach
• Classical application problems of LPM
• The Lindo package

2.       The Simplex method

• Reduce LP problems in their normal form
• Basic feasible solutions and their use in LP
• Solve problems with the Simplex Method
• Special cases of problems

3.       The dual problem

• Construction of the dual through the economic approach
• Construction of the duplicate for any original
• Financial interpretation of the dual variables
• Sensitivity analysis

4.       Integer Linear Programming

• Modeling of integer linear programming problems
• Solving them with the branch and bound technique
• Solve them by using the Lingo package

Educational Aims

This course is the introductory lesson in the concepts of Operational Research. It aims at introducing students to the basic concepts of Operational Research, Linear Programming and Integer Programming.

Throughout the course, applications and exercises are from the agronomic and economic field.

By the end of this course the student will be able to:

• easily recognize if the problem to be solved can be addressed by operational research techniques and able to construct their mathematical model
• solve the problem with a software package
• analyze solutions and answer queries related to problem parameter changes (sensitivity analysis)
• know in-depth the basic theoretical knowledge about the subject
• use knowledge and understanding acquired in a manner that indicates a professional approach to their  work or profession
• have competences typically demonstrated by developing and supporting arguments and solving problems within their field of knowledge
• communicate information, ideas, problems and solutions to both specialist and non-specialist public
• develop knowledge acquisition skills needed to continue to post graduate studies with a high degree of autonomy
• gather and interpret relevant data (in their knowledge field) to form judgments that include reflection on relevant scientific issues 

Student Evaluation

Written examination after the end of the semester (100%) including:

• Multiple-choice questions
• Solving linear programming problems
• Solving integer programming problems
• Benchmarking theory elements

Bibliography

1. Εισαγωγή στην Επιχειρησιακή Έρευνα, Ι. Κολέτσος, Δ. Στογιάννης, 3^η Έκοδση, Εκδόσεις Συμεών, 2017 (in Greek).
2. Επιχειρησιακή Έρευνα, Παντελής, Υψηλάντης, 5^η Έκδοση, Εκδόσεις ΠΡΟΠΟΜΠΟΣ, 2015 (in Greek).
3. Γ. Οικονόμου και Α.  Γεωργίου, Ποσοτική ανάλυση για τη λήψη διοικητικών αποφάσεων, Τόμος Α' , 2^η Έκδοση, Εκδόσεις Μπένου, 2011 (in Greek).
4. Εισαγωγή στην επιχειρησιακή έρευνα, H. A. Taha, 9^η έκδοση, Εκδόσεις Τζιόλα, 2015 (in Greek).
5. Operations Research: An Introduction, Hamdy, A. Taha, Hardcover: 832 pages, Publisher: Pearson; 9 edition (September 8, 2010), Language: English, ISBN-10: 013255593X.
6. W.L. Winston, Operations Research, Applications and Algorithms (4th edition), PWS-Kent (2004).