Length: 15 weeks
Effort: 8–12 hours per week
Master and apply the core methodologies used in supply chain analysis and modeling, including statistics, regression, optimization and probability - part of the MITx Supply Chain Management MicroMasters Credential.
Supply chains are complex systems involving multiple businesses and organizations with different goals and objectives. Many different analytical methods and techniques are used by researchers and practitioners alike to better design and manage their supply chains.
This business and management course introduces the primary methods and tools that you will encounter in your study and practice of supply chains. We focus on the application of these methods, not necessarily the theoretical underpinnings.
We will begin with an overview of introductory probability and decision analysis to ensure that students understand how uncertainty can be modeled. Next, we will move into basic statistics and regression. Finally, we will introduce optimization modeling from unconstrained to linear, non-linear, and mixed integer linear programming.
This is a hands-on course. Students will use spreadsheets extensively to apply these techniques and approaches in case studies drawn from actual supply chains.
What you'll learn
- Basic analytical methods
- How to apply basic probability models
- Statistics in supply chains
- Formulating and solving optimization models
- Secondary school algebra and basic mathematics concepts
- Passing knowledge of statistics and probability