Indian Institute of Technology Madras (IIT Madras) launches a course on ‘Operations and Supply Chain Analytics for Strategic Decision Making’. The objective of the course is to train managers to take critical decisions based on the available information and data as claimed by the Institute. The program is offered through the Institute’s Centre for Outreach and Digital Education (CODE).
Sharing details of the course, the Institute said, it focuses on building analytical foundations in the initial part of the program (modules 1 and 2), and then takes a deep dive into various practical applications (in module 3). Interested candidates must possess a basic understanding of mathematical and statistical concepts. The last date to register is September 20, 2023.
In the release shared, IIT Madras course will focuses on building analytical skills such as optimization, game theory, probability theory, and statistical modelling, among others. Further as informed by the Institute, the program includes modules on applications of these analytical tools to day-to-day decisions the managers are required to take.
The key learning outcomes ranges from student to student but the Institute claims that applicants will be able to understand the following from this course:
Ø Describe various methods of analytical modelling
Ø Demonstrate the application of modelling to areas of supply chain management
Ø Experiment with the dynamic and stochastic nature of supply chain management
Ø Formulate an operations and/or a supply chain problem as an analytical model and solve it using appropriate methodologies.
Ø Design an analytical decision-making tool for the supply chain configuration in specific industries and organizations
Highlighting the need for such courses, Prof. Rahul Marathe, Professor, Department of Management Studies IIT Madras, said, “Managers need to take critical decisions that have to be based on available information and data. That makes data-driven decision-making skills the most critical skill in organizations today. Decision Sciences can aid managers build the required framework to take optimal decisions.”
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