Supply Chain Optimization from Coursera

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.

Capacity Optimization

Welcome to Module 2, Capacity Optimization. In the previous module, we described optimization in general and saw how to set up an optimization problem in Excel. Over these next two modules, we will dive into two specific examples of optimization: capacity optimization and resource optimization. In this module, we will identify the goal of capacity optimization and overview some examples of how it can be used in the supply chain. We will also demo the steps to create a capacity optimization problem in Excel and recall these steps for our quiz. In our activity, we will describe how everyday tasks or functions can benefit from capacity optimization.

Resource Optimization

Welcome to Module 3, Resource Optimization. In this module, we will identify the goal of resource optimization, how it differs from capacity optimization, and go through some industry examples. We will learn how to set up a resource optimization problem in Excel through our demo video and recall these steps in our quiz. Finally, we will put what we’ve learned into practice by setting up and solving a resource optimization problem in Excel.

Monte Carlo Simulation

Welcome to Module 4, Monte Carlo Simulation. In this module, we will define a Monte Carlo simulation and when it should be used. Through our demo video, we will learn how to set up a Monte Carlo simulation in Excel, which will prepare us to identify the key inputs and Excel features needed to run a Monte Carlo simulation for our quiz. As a close to this specialization, this module has a peer-graded assignment. In our assignment, we will practice the skills learned in all three courses to build a demand and inventory snapshot and then use a Monte Carlo simulation to minimize costs. Finally, in our discussion, we will reflect on how skills learned through the past three courses can be applied to our current or future careers.

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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

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

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Connect with fellow learners and engage in discussions to deepen your understanding of supply chain optimization. Collaborative learning can provide diverse perspectives and insights.

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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

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Brushing up on the basics will help you tackle optimization problems in Course content more efficiently.

Browse courses on Excel

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Review functions and formulas
Practice creating charts and graphs
Review data manipulation techniques

Review Basic Excel Functions

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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.

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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

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Excel solver tutorials

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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

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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

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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

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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

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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

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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

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Completing these will help you gain confidence applying Course concepts in new situations.

Browse courses on Optimization

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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

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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

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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

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Creating this deliverable will help you solidify an in-depth understanding of concepts covered throughout the course.

Browse courses on Optimization

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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

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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

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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

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Creating a blog post will help you synthesize your understanding of optimization and its applications in supply chain management.

Browse courses on Optimization

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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

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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

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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:

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.

See salaries and explore the career path for Management Consultant

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.

See salaries and explore the career path for Warehouse 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.

See salaries and explore the career path for Operations 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.

See salaries and explore the career path for Supply Chain Manager

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.

See salaries and explore the career path for Operations Research Analyst

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.

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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.

See salaries and explore the career path for Transportation Manager

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.

See salaries and explore the career path for Production Planner

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.

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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.

See salaries and explore the career path for Inventory Manager

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.

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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.

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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.

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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.

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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.

See salaries and explore the career path for Business Analyst

Supply Chain Optimization

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