IE443 ECON. MODELS FOR DECISION&POLICY ANALY
| Course Code: | 5680443 |
| METU Credit (Theoretical-Laboratory hours/week): | 3 (3.00 - 0.00) |
| ECTS Credit: | 5.0 |
| Department: | Industrial Engineering |
| Language of Instruction: | English |
| Level of Study: | Undergraduate |
| Course Coordinator: | Prof.Dr. SERHAN DURAN |
| Offered Semester: | Once in several years. |
Course Objectives
- Students will learn nonlinear optimality conditions, post-optimality analysis and duality
- Students will understand the economic interpretation of mathematical results in terms of market equilibria
- Students will learn a wide variety of operational research and engineering problems from an economic perspective
- Students will develop an experience of working with industry-grade optimization software.
Course Content
Kuhn-Tucker optimality conditions and review of LP duality. Optimization models to study problems of auctions, decentralization, vertical integration in the firm, industrial programming and activity analysis in a partial equilibrium framework and financial planning.
Course Learning Outcomes
- Construct decision trees to represent problems
- Find best action based on expected utility
- Formulate problems with multiple criteria
- Use different approaches to choose among alternatives defined by multiple criteria
- Understand probability theory
- Properly interpret probabilities based on available information
Program Outcomes Matrix
| Contribution | |||||
| # | Program Outcomes | No | Yes | ||
| 1 | An ability to identify, formulate, and solve complex engineering problems by applying principles of engineering, science, and mathematics | ✔ | |||
| 2 | An ability to apply engineering design to produce solutions that meet specified needs with consideration of public health, safety, and welfare, as well as global, cultural, social, environmental, and economic factors | ✔ | |||
| 3 | An ability to communicate effectively with a range of audiences | ✔ | |||
| 4 | An ability to recognize ethical and professional responsibilities in engineering situations and make informed judgments, which must consider the impact of engineering solutions in global, economic, environmental, and societal contexts | ✔ | |||
| 5 | An ability to function effectively on a team whose members together provide leadership, create a collaborative and inclusive environment, establish goals, plan tasks, and meet objectives | ✔ | |||
| 6 | An ability to develop and conduct appropriate experimentation, analyze and interpret data, and use engineering judgment to draw conclusions | ✔ | |||
| 7 | An ability to acquire and apply new knowledge as needed, using appropriate learning strategies | ✔ | |||
| 8 | An ability to design, analyze, operate, and improve integrated systems that produce and/or supply products and/or services in an effective, efficient, sustainable, and socially responsible manner | ✔ | |||
| 9 | An ability to apply critical reason and systems thinking in problem solving and systems design | ✔ | |||
| 10 | An ability to use scientific methods and tools (such as mathematical models, statistical methods and techniques) necessary for industrial engineering practice | ✔ | |||