Submit a brief write up of the opportunity, their data collection plan, anticipated tools to be used for optimization, and potential benefits to the instructor, no later than 5 weeks into the semester. Term projects must be completed at least one week before the final class session. A report containing complete description of:
- the business environment;
- the process of identifying opportunity;
- the data collection process (including identification of primary sources or citations of secondary sources) and assumptions;
- the decision variables, the objective function or functions, the constraints if any;
- the statement of the model;
- the alternatives being evaluated;
- the tools used for optimization;
- the details of the recommended solution;
- the sensitivity analysis showing effect of changes in data or environment;
- the benefits of using the proposed solution compared to base case or doing nothing;
- the implementation plan; and
- the impact of implementation on strategy.
In addition to a written report, each team will be required to make a brief presentation to the class to discuss key issues and results.
Term Project A: Identify a cost reduction or performance improvement opportunity in a real business (large or small) or in any organization to apply one of the techniques discussed in the course. Collect real data and be ready to defend your assumptions about the data (if any). The data collected by each team must include a complete description of the current environment including current costs or any other performance measures. Formulate the model and develop a solution. Prepare am implantation plan and try to get feedback from the selected organization about your plan. Submit a formal report to show what was done. The main body of the report should be concise and it should emphasize the key issues shown above. Use appendices to show your data and alternative scenario details. When delivering the PowerPoint presentation, make sure that you do not put too much material on one slide otherwise we will not be able to read it. Emphasize how you identified the opportunity, how you collected the data, and what are the major benefits of using the term project.
GRADES ARE BASED ON THIS:
For each term project, eleven (11) different scores are given: the first score is based on the ability to define the business context (DSC LO1A); the second score is based on the significance of the identified opportunity (DSC LO1B); the third score in based on the quality of the data collected (DSC LO1C); the fourth score is based on the ability to analyze data (DSC LO1D); the fifth score is based on the clarity of problem definition and issues (DSC LO2A); the sixth score is based on the quality of industry research (DSC LO2B); the seventh score is based on the accuracy of the mathematical formulation (DSC LO2C); the eighth score is based on the selection of the correct decision making tool (DSC LO2D); the ninth score is based on the ability to identify and evaluate alternatives (DSC LO3A); the tenth score is based on the effectiveness of the recommended solution and sensitivity analysis (DSC LO3B); and the eleventh score is based on the understanding of the implication of the proposed solution and the feasibility of implementation (DSC LO3C).
Although not specifically required, this project may be utilized by students in building a portfolio which can be of great value in enhancing their career.