Indian Institute of Technology, IIT Madras is going to launch a programme on Operations and Supply Chain Analytics for strategic decision-making purposes. The programme will help the managers develop skills and knowledge to make important decisions on the basis of data and information. IIT Madras’ Centre for Outreach & Digital Education is offering the course.
The 1st part of the programme put emphasis on the development of analytical skills. Whereas, the 2nd part is more focused on practical application. The approach allows students to get complete knowledge of the operations and supply chain problems being faced by the industry nowadays.
Decision Sciences Program: The Future of Management Education
Though there are no eligibility requirements for the programme, a basic understanding of mathematics and statistics is sought. Candidates should have an interest in making data-driven decisions and building analytical models. The application deadline for the programme is September 20, 2023.
The program focuses on developing these analytical skills, including optimization, game theory, and probability theory, as well as statistical modelling. The program also includes modules on how these analytical tools can be applied to the everyday decisions that managers have to make.
Decision Sciences Can Help Managers Make Data-Driven Decisions in Uncertain World
Underlining the need for these courses, Prof. Rahul Marathe, Professor, Department of Management Studies IIT Madras, said, “Managers need to take critical decisions that have to be based on available information and data. That makes data-driven decision-making skills the most critical skill in organizations today. ‘Decision Sciences’ can aid managers build the required framework to take optimal decisions.”
“This theory encompasses important elements such as mathematical and empirical modelling. Today’s world is characterized by uncertainty – uncertainty in the environment, in the data, and hence in the results. Hence, a good understanding of uncertainty and its impact of optimal decision-making is critical. A good manager needs to be skilled in decision-making under uncertainty,’’ he added.
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