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Paul Jan
Optimization is an important piece of an agile supply chain. In this course, we will explore the components of optimization and how to set up an optimization problem in Excel. We will also practice capacity and resource optimization and explore examples of both in the supply chain. Building off of our optimization practice, we will next learn how to use a Monte Carlo simulation to make the least risky decision in uncertain supply chain situations. Finally, we will combine our skills from this and the previous two courses to build a demand and inventory snapshot and optimize it, using a Monte Carlo simulation, to mitigate risks in the supply chain.
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What's inside
Syllabus
Optimization Defined
Welcome to Module 1, Optimization Defined. The word optimization has filled our lives in the last decade. Everywhere we turn, we either hear or see the word optimization, especially for those involved in marketing, supply chain, and operations. In this module, we will define optimization and describe its purpose in the supply chain. We will also identify the components of an optimization algorithm and see how to use an objective function in Excel. In our activity, we will practice formulating a maximization function.
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Syllabus
Optimization Defined
Welcome to Module 1, Optimization Defined. The word optimization has filled our lives in the last decade. Everywhere we turn, we either hear or see the word optimization, especially for those involved in marketing, supply chain, and operations. In this module, we will define optimization and describe its purpose in the supply chain. We will also identify the components of an optimization algorithm and see how to use an objective function in Excel. In our activity, we will practice formulating a maximization function.
Read more
Traffic lights
Traffic lights
Read about what's good
what should give you pause and
possible dealbreakers
Covers capacity and resource optimization, which are core skills for supply chain management
Taught by Paul Jan, who is recognized for their experience in supply chain optimization
Examines optimization techniques that are highly relevant to supply chain management
Uses Excel as the primary software tool, which is standard for supply chain optimization
Requires learners to have basic knowledge of supply chain management
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Reviews summary
Practical supply chain optimization with excel
According to students, this course offers a highly practical and hands-on approach to supply chain optimization, making complex topics accessible through clear explanations. Learners particularly value the extensive use of Excel for setting up optimization problems and conducting Monte Carlo simulations. Many find the course content directly applicable to real-world scenarios, enabling them to make informed, risk-mitigated decisions in professional settings. While largely praised for its clarity and practical focus, some learners with prior experience might find it foundational, suggesting its primary benefit lies in solidifying core skills for those looking to apply optimization techniques in their careers. The engaging assignments also reinforce learning.
Appeals to those building core skills; potentially less for advanced learners.
"For someone new to optimization or supply chain analytics, this course is a fantastic starting point for understanding."
"While I have some background, this course solidified my understanding of the fundamentals, though it wasn't deeply advanced."
"I recommend this for beginners or those looking to refresh their practical Excel-based optimization skills and concepts."
Hands-on activities reinforce learning and practical application.
"The assignments, especially the peer-graded one, were instrumental in applying everything I learned across the modules."
"I found the quizzes helpful for checking my understanding after each module, which kept me on track with the material."
"The practical exercises truly helped solidify the concepts of capacity and resource optimization for me."
Develops strong understanding and application of risk assessment.
"The module on Monte Carlo simulation was outstanding, I now feel confident in using it for decision-making in my work."
"Learning how to set up and interpret Monte Carlo simulations in Excel was a game-changer for my supply chain analysis."
"I can now use Monte Carlo to analyze uncertain situations and make least risky decisions, which is incredibly powerful."
Complex optimization concepts are made understandable.
"The instructor did an excellent job breaking down complex optimization algorithms into easy-to-digest pieces."
"I always felt like the explanations were clear and concise, which made learning enjoyable and effective for me."
"Even when tackling Monte Carlo simulations, the clarity of instruction ensured I never felt lost during the module."
Emphasizes hands-on problem-solving using Microsoft Excel.
"Learning to set up optimization problems directly in Excel was the biggest takeaway for me, it's so practical and useful."
"The demos and practice exercises in Excel were incredibly helpful for truly grasping the concepts of optimization."
"I appreciate the focus on Excel as it's a widely used tool in industry, making the skills directly transferable to my role."
Equips learners with immediate, applicable skills for professional use.
"This course equipped me with practical strategies that I could immediately apply to real-world supply chain challenges."
"I found the examples highly relevant to my job, helping me understand how to mitigate risks in demand and inventory."
"The ability to use these optimization techniques directly in my work is invaluable. It’s not just theory; it’s actionable."
Activities
Be better prepared
before
your course. Deepen your understanding
during
and
after
it. Supplement your coursework and achieve mastery of the topics covered
in Supply Chain Optimization with these
activities:
Join a Study Group for Supply Chain Optimization
Show steps
Connect with fellow learners and engage in discussions to deepen your understanding of supply chain optimization. Collaborative learning can provide diverse perspectives and insights.
Show steps
-
Find or form a study group with other students in the course.
-
Meet regularly to discuss the course material.
-
Share notes, ideas, and questions.
Review spreadsheet modeling basics
Show steps
Brushing up on the basics will help you tackle optimization problems in Course content more efficiently.
Browse courses on
Excel
Show steps
-
Review functions and formulas
-
Practice creating charts and graphs
-
Review data manipulation techniques
Review Basic Excel Functions
Show steps
Brush up on your knowledge of basic Excel functions to prepare for the course and ensure you have the necessary skills to follow along with the upcoming lessons.
Browse courses on
Excel Functions
Show steps
-
Open a spreadsheet in Excel.
-
Explore the formula bar and function library.
-
Practice using basic functions such as SUM(), AVERAGE(), and COUNT().
Nine other activities
Expand to see all activities and additional details
Show all 12 activities
Excel solver tutorials
Show steps
These tutorials will provide step-by-step guidance on how to use Excel's Solver tool, a key skill for optimization.
Browse courses on
Excel
Show steps
-
Find video tutorials on using Excel Solver
-
Follow the tutorials to learn how to set up and solve optimization problems
-
Practice using Solver on your own
Solve Optimization Problems in Excel
Show steps
Engage in practice drills to reinforce your understanding of solving optimization problems in Excel. This will help you develop fluency and confidence in applying these concepts.
Browse courses on
Optimization Techniques
Show steps
-
Find practice problems online or in textbooks.
-
Set up the optimization problem in Excel.
-
Use Excel's Solver tool to solve the problem.
-
Check your solution and identify areas for improvement.
Attending industry conferences and events
Show steps
Attending industry events can help you connect with other professionals and stay up-to-date on the latest trends and best practices in supply chain optimization.
Browse courses on
Supply Chain Management
Show steps
-
Research industry conferences and events related to supply chain optimization
-
Attend the events and participate in sessions and workshops
-
Network with other attendees
Chain-of-thought prompts
Show steps
Completing these will help you gain confidence applying Course concepts in new situations.
Browse courses on
Optimization
Show steps
-
Identify the problem to be solved
-
Set up the objective function to be maximized / minimized
-
Set up constraints
-
Solve the problem using Excel's Solver tool
Explore Monte Carlo Simulation in Excel
Show steps
Seek out tutorials and resources to expand your knowledge of Monte Carlo simulation in Excel. This will help you develop a deeper understanding of how to apply these techniques in supply chain management.
Browse courses on
Monte Carlo Simulation
Show steps
-
Find tutorials on Monte Carlo simulation in Excel.
-
Follow along with the tutorials and practice the techniques.
-
Apply Monte Carlo simulation to real-world supply chain scenarios.
Optimization scenario report
Show steps
Creating this deliverable will help you solidify an in-depth understanding of concepts covered throughout the course.
Browse courses on
Optimization
Show steps
-
Choose a supply chain optimization scenario
-
Apply optimization techniques to the scenario
-
Simulate the scenario using Monte Carlo simulation
-
Analyze the results of the simulation
-
Create a report summarizing your findings and recommendations
Develop a Visual Guide to Supply Chain Optimization
Show steps
Create a visual guide that summarizes the key concepts and techniques of supply chain optimization. This will help you reinforce your understanding and provide a valuable resource for future reference.
Browse courses on
Supply Chain Optimization
Show steps
-
Gather information and research supply chain optimization.
-
Develop a storyboard or outline for your visual guide.
-
Use visual design tools to create your guide.
-
Share your guide with others for feedback and insights.
Supply chain optimization blog post
Show steps
Creating a blog post will help you synthesize your understanding of optimization and its applications in supply chain management.
Browse courses on
Optimization
Show steps
-
Choose a specific supply chain optimization topic
-
Research the topic and gather information
-
Write a blog post that explains the topic clearly and concisely
-
Edit and proofread your blog post
-
Publish your blog post online
Contribute to Open Source Projects in Supply Chain Optimization
Show steps
Engage with the open source community and contribute to real-world projects in supply chain optimization. This will provide valuable hands-on experience and expand your knowledge.
Browse courses on
Open Source
Show steps
-
Identify open source projects related to supply chain optimization.
-
Review the project documentation and identify areas where you can contribute.
-
Make code contributions or provide feedback to the project.
Join a Study Group for Supply Chain Optimization
Show steps
Connect with fellow learners and engage in discussions to deepen your understanding of supply chain optimization. Collaborative learning can provide diverse perspectives and insights.
Show steps
Show steps
Show steps
- Find or form a study group with other students in the course.
- Meet regularly to discuss the course material.
- Share notes, ideas, and questions.
Review spreadsheet modeling basics
Show steps
Brushing up on the basics will help you tackle optimization problems in Course content more efficiently.
Browse courses on
Excel
Show steps
Show steps
Show steps
- Review functions and formulas
- Practice creating charts and graphs
- Review data manipulation techniques
Review Basic Excel Functions
Show steps
Brush up on your knowledge of basic Excel functions to prepare for the course and ensure you have the necessary skills to follow along with the upcoming lessons.
Browse courses on
Excel Functions
Show steps
Show steps
Show steps
- Open a spreadsheet in Excel.
- Explore the formula bar and function library.
- Practice using basic functions such as SUM(), AVERAGE(), and COUNT().
Nine other activities
Expand to see all activities and additional details
Show all 12 activities
Excel solver tutorials
Show steps
These tutorials will provide step-by-step guidance on how to use Excel's Solver tool, a key skill for optimization.
Browse courses on
Excel
Show steps
Show steps
Show steps
- Find video tutorials on using Excel Solver
- Follow the tutorials to learn how to set up and solve optimization problems
- Practice using Solver on your own
Solve Optimization Problems in Excel
Show steps
Engage in practice drills to reinforce your understanding of solving optimization problems in Excel. This will help you develop fluency and confidence in applying these concepts.
Browse courses on
Optimization Techniques
Show steps
Show steps
Show steps
- Find practice problems online or in textbooks.
- Set up the optimization problem in Excel.
- Use Excel's Solver tool to solve the problem.
- Check your solution and identify areas for improvement.
Attending industry conferences and events
Show steps
Attending industry events can help you connect with other professionals and stay up-to-date on the latest trends and best practices in supply chain optimization.
Browse courses on
Supply Chain Management
Show steps
Show steps
Show steps
- Research industry conferences and events related to supply chain optimization
- Attend the events and participate in sessions and workshops
- Network with other attendees
Chain-of-thought prompts
Show steps
Completing these will help you gain confidence applying Course concepts in new situations.
Browse courses on
Optimization
Show steps
Show steps
Show steps
- Identify the problem to be solved
- Set up the objective function to be maximized / minimized
- Set up constraints
- Solve the problem using Excel's Solver tool
Explore Monte Carlo Simulation in Excel
Show steps
Seek out tutorials and resources to expand your knowledge of Monte Carlo simulation in Excel. This will help you develop a deeper understanding of how to apply these techniques in supply chain management.
Browse courses on
Monte Carlo Simulation
Show steps
Show steps
Show steps
- Find tutorials on Monte Carlo simulation in Excel.
- Follow along with the tutorials and practice the techniques.
- Apply Monte Carlo simulation to real-world supply chain scenarios.
Optimization scenario report
Show steps
Creating this deliverable will help you solidify an in-depth understanding of concepts covered throughout the course.
Browse courses on
Optimization
Show steps
Show steps
Show steps
- Choose a supply chain optimization scenario
- Apply optimization techniques to the scenario
- Simulate the scenario using Monte Carlo simulation
- Analyze the results of the simulation
- Create a report summarizing your findings and recommendations
Develop a Visual Guide to Supply Chain Optimization
Show steps
Create a visual guide that summarizes the key concepts and techniques of supply chain optimization. This will help you reinforce your understanding and provide a valuable resource for future reference.
Browse courses on
Supply Chain Optimization
Show steps
Show steps
Show steps
- Gather information and research supply chain optimization.
- Develop a storyboard or outline for your visual guide.
- Use visual design tools to create your guide.
- Share your guide with others for feedback and insights.
Supply chain optimization blog post
Show steps
Creating a blog post will help you synthesize your understanding of optimization and its applications in supply chain management.
Browse courses on
Optimization
Show steps
Show steps
Show steps
- Choose a specific supply chain optimization topic
- Research the topic and gather information
- Write a blog post that explains the topic clearly and concisely
- Edit and proofread your blog post
- Publish your blog post online
Contribute to Open Source Projects in Supply Chain Optimization
Show steps
Engage with the open source community and contribute to real-world projects in supply chain optimization. This will provide valuable hands-on experience and expand your knowledge.
Browse courses on
Open Source
Show steps
Show steps
Show steps
- Identify open source projects related to supply chain optimization.
- Review the project documentation and identify areas where you can contribute.
- Make code contributions or provide feedback to the project.
Career center
Learners who complete Supply Chain Optimization will develop knowledge and skills
that may be useful to these careers:
Supply Chain Manager
Supply Chain Manager
Supply Chain Managers plan and manage the flow of goods and services from suppliers to customers. This course, Supply Chain Optimization, can be essential for Supply Chain Managers, as it provides a comprehensive overview of optimization techniques that can be used to improve the efficiency and effectiveness of supply chains. The course covers topics such as capacity optimization, resource optimization, and Monte Carlo simulation, which are essential for Supply Chain Managers who want to optimize their supply chains.
Management Consultant
Management Consultant
Management Consultants help organizations improve their performance by providing advice and support on a variety of management issues. This course, Supply Chain Optimization, will be extremely useful for Management Consultants who work on supply chain optimization projects, as it provides a comprehensive overview of optimization techniques that can be used to improve the efficiency and effectiveness of supply chains. The course covers topics such as capacity optimization, resource optimization, and Monte Carlo simulation, which are essential for Management Consultants who want to help their clients optimize their supply chains.
Operations Manager
Operations Manager
Operations Managers plan and manage the operations of their organizations. This course, Supply Chain Optimization, will be extremely useful for Operations Managers who work on supply chain optimization projects, as it provides a comprehensive overview of optimization techniques that can be used to improve the efficiency and effectiveness of supply chains. The course covers topics such as capacity optimization, resource optimization, and Monte Carlo simulation, which are essential for Operations Managers who want to optimize their supply chains.
Warehouse Manager
Warehouse Manager
Warehouse Managers are responsible for planning and managing the operations of their warehouses. This course, Supply Chain Optimization, will be extremely useful for Warehouse Managers, as it provides a comprehensive overview of optimization techniques that can be used to improve the efficiency and effectiveness of warehouse operations. The course covers topics such as capacity optimization, resource optimization, and Monte Carlo simulation, which are essential for Warehouse Managers who want to optimize their operations.
Transportation Manager
Transportation Manager
Transportation Managers are responsible for planning and managing the movement of goods and services from suppliers to customers. This course, Supply Chain Optimization, may be useful for Transportation Managers, as it provides a foundation in optimization techniques that can be applied to a variety of transportation problems. The course covers topics such as capacity optimization, resource optimization, and Monte Carlo simulation, which can help Transportation Managers improve the efficiency and effectiveness of their operations.
Inventory Manager
Inventory Manager
Inventory Managers are responsible for planning and managing the inventory levels of their organizations. This course, Supply Chain Optimization, may be useful for Inventory Managers, as it provides a foundation in optimization techniques that can be applied to a variety of inventory management problems. The course covers topics such as capacity optimization, resource optimization, and Monte Carlo simulation, which can help Inventory Managers improve the efficiency and effectiveness of their inventory management operations.
Production Planner
Production Planner
Production Planners are responsible for planning and scheduling the production of goods and services. This course, Supply Chain Optimization, may be useful for Production Planners, as it provides a foundation in optimization techniques that can be applied to a variety of production planning problems. The course covers topics such as capacity optimization, resource optimization, and Monte Carlo simulation, which can help Production Planners improve the efficiency and effectiveness of their production planning operations.
Data Scientist
Data Scientist
Data Scientists use data to solve business problems. This course, Supply Chain Optimization, may be useful for Data Scientists who work on supply chain optimization projects, as it provides a foundation in optimization techniques that can be applied to a variety of supply chain problems. The course covers topics such as capacity optimization, resource optimization, and Monte Carlo simulation, which can help Data Scientists develop data-driven solutions to supply chain optimization problems.
Business Analyst
Business Analyst
Business Analysts help organizations improve their performance by analyzing their business processes and making recommendations for improvement. This course, Supply Chain Optimization, may be useful for Business Analysts who work on supply chain optimization projects, as it provides a foundation in optimization techniques that can be applied to a variety of supply chain problems. The course covers topics such as capacity optimization, resource optimization, and Monte Carlo simulation, which can help Business Analysts develop data-driven recommendations for improving supply chain performance.
Project Manager
Project Manager
Project Managers plan and manage projects from start to finish. This course, Supply Chain Optimization, may be useful for Project Managers who work on supply chain optimization projects, as it provides a foundation in optimization techniques that can be applied to a variety of supply chain problems. The course covers topics such as capacity optimization, resource optimization, and Monte Carlo simulation, which can help Project Managers improve the efficiency and effectiveness of their supply chain optimization projects.
Operations Research Analyst
Operations Research Analyst
Operations Research Analysts use advanced analytical techniques to improve the efficiency and effectiveness of organizations. This course, Supply Chain Optimization, may be useful in this career role, as it provides a foundation in optimization techniques that can be applied to a variety of supply chain problems. The course covers topics such as capacity optimization, resource optimization, and Monte Carlo simulation, which are essential for Operations Research Analysts who work on supply chain optimization projects.
Chief Operating Officer
Chief Operating Officer
Chief Operating Officers are responsible for the day-to-day operations of their organizations. This course, Supply Chain Optimization, may be useful for Chief Operating Officers who want to improve the efficiency and effectiveness of their supply chains. The course covers topics such as capacity optimization, resource optimization, and Monte Carlo simulation, which are essential for Chief Operating Officers who want to optimize their supply chains.
Industrial Engineer
Industrial Engineer
Industrial Engineers design and improve systems for the efficient use of people, materials, and equipment. This course, Supply Chain Optimization, can help build a foundation for Industrial Engineers who work on supply chain optimization projects. The course covers topics such as capacity optimization, resource optimization, and Monte Carlo simulation, which can help Industrial Engineers improve the efficiency and effectiveness of supply chains.
Logistics Manager
Logistics Manager
Logistics Managers plan and manage the movement of goods and services from suppliers to customers. This course, Supply Chain Optimization, may be useful for Logistics Managers, as it provides a foundation in optimization techniques that can be applied to a variety of logistics problems. The course covers topics such as capacity optimization, resource optimization, and Monte Carlo simulation, which can help Logistics Managers improve the efficiency and effectiveness of their operations.
Procurement Manager
Procurement Manager
Procurement Managers are responsible for sourcing and purchasing goods and services for their organizations. This course, Supply Chain Optimization, may be useful for Procurement Managers, as it provides a foundation in optimization techniques that can be applied to a variety of procurement problems. The course covers topics such as capacity optimization, resource optimization, and Monte Carlo simulation, which can help Procurement Managers improve the efficiency and effectiveness of their procurement operations.
For more career information including salaries, visit:
OpenCourser.com/course/ozta9r/supply
Reading list
We've selected nine books
that we think will supplement your
learning. Use these to
develop background knowledge, enrich your coursework, and gain a
deeper understanding of the topics covered in
Supply Chain Optimization.
A comprehensive overview of supply chain management, covering strategy, planning, and operation.
A classic textbook on logistics and supply chain management, providing a broad understanding of the field.
Save
A practical guide to lean supply chain management, focusing on reducing waste and improving efficiency.
A concise overview of operations and supply chain management, covering the core concepts and principles.
A global perspective on supply chain management, providing insights into cross-border supply chains and international logistics.
Provides a strong understanding of the core concepts and practices used in production and operations management.
A comprehensive reference on linear optimization, covering both theoretical foundations and practical extensions.
An in-depth guide to nonlinear optimization, covering algorithms, applications, and advanced topics.
A comprehensive reference on simulation modeling and analysis, providing a theoretical foundation and practical applications.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/ozta9r/supply
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Rating
4.5
Effort
8 hours to complete
Level
Intermediate
Via
Coursera
Institution
University of California, Irvine
Instructor
Paul Jan
Language
English
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This course belongs to a
collection
called
Leverage Data Science for a More Agile Supply Chain. It's comprised of two courses:
- Supply Chain Optimization (viewing)
- Inventory Management
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