# Operations Research II

## Course Description

• ### Course Name

Operations Research II

• ### Location

Barranquilla, Colombia

• ### Area of Study

Engineering Science, Industrial Engineering, Mathematics

• ### Language Level

Taught In English

### Hours & Credits

• Contact Hours

48
• Recommended U.S. Semester Credits
3
• Recommended U.S. Quarter Units
4
• ### Overview

Description of Operations Research II

Operations Research is an applied area that implies the construction of mathematical models, which represent the most important characteristics of a situation that requires an effective use of the resources available in a Decision Making process.
Mathematical models are formulated and applied in order to study the Decision Making processes in the probabilistic field, by using intelligent competition models (Game Theory), through Markov Chains, Queuing models and Inventory models.

Course Learning Outcomes

1. Use the adequate techniques in the efficient allocation of resources, as a support of the decision making process in an unpredictable systems environment, conformed by random variables.
2. Learn the structure of a payoff matrix in a game under competition, where the best decision is taken among the combination of resources in a strategic and tactical form.
3. Recognize and describe a system through Markov Chains, describe a Markov Chain through the construction of transition matrices or through state diagrams and calculate a Markovian system, the probabilities of a steady state, even if it is absorbing, in the chain that represents the system.
4. Know the different structures of queuing models, identify and analyze the elements associated to the costs of the queuing system, using the models to calculate the optimal quantity of the service center.
5. Study quantitatively and integrally the administration of inventory.
6. Apply the mathematic models in the study of inventory systems, from the following points of view: economic quantity of the order and sensitivity analysis.

TOPICS COVERED

1. DECISION MAKING UNDER UNCERTAINTY CONDITIONS.
2. DECISION MAKING UNDER RISK CONDITIONS.
3. GAME THEORY.
4. STOCHASTIC PROCESSES, MARKOVIAN SYSTEMS.
5  QUEUING SYSTEMS MODELS.
6. INVENTORY MODELS.