BUAD 5042 - Heuristic Algorithms

(1.5) Prerequisite(s): BUAD 5022

Most business problems are too large or too complex to solve optimally, where the strict meaning of “optimal” means finding the “probably” best solution to a problem. Satisficing, or finding a heuristic solution that approximates the optimal solution is, therefore the predominant mode of problem solving found in industry. Having the capability of designing and executing heuristics that more closely approach optimal solutions creates a competitive advantage for companies. This course focuses on such methodologies where quick but good solutions to complex problems are needed so that they can be acted upon in a timely manner. The type of heuristic covered in this course is the algorithm, which is a sequence of steps taken to provide a solution to a problem.