This Course at MIT

This Course at MIT pages are part of the OCW Educator initiative, which seeks to enhance the value of OCW for educators.

Course Overview

This page focuses on the course 15.060 Data, Models, and Decisions as it was taught by Professors Robert Freund, Juan Pablo Vielma and Cynthia Rudin in Fall 2014.

This course introduces first-year Sloan master’s students to the fundamental tools and techniques of using data to make informed management decisions. It covers introductory probability, decision analysis, basic statistics, regression, simulation, linear and nonlinear optimization, and discrete optimization. Students study computer spreadsheet exercises, cases, and examples drawn from marketing, finance, operations management, and other management functions.

Course Outcomes

Course Goals for Participants

Students who complete the course will be able to:

  • understand fundamental concepts most important for the practical analysis of management decisions and the dynamic nature of decision-making
  • evaluate uncertainty explicitly
  • use historical data and limited information effectively
  • simulate complex systems
  • optimally allocate resources
  • utilize spreadsheet models

Possibilities for Further Study/Careers

This course covers tools that are required for successful management decisions.

 

Instructor Insights

Several faculty members have contributed to developing 15.060 Data, Models, and Decisions. In the following pages, Professors Robert Freund and Georgia Perakis discuss their experiences shaping and teaching this core MBA course.

…the course has to be designed so that the faculty would really enjoy teaching it.. [and] to accommodate the different teaching styles of the different faculty instructors."

—Robert Freund

 

Curriculum Information

Prerequisites

Permission of the instructor

Requirements Satisfied

Required for first-year Sloan MBA students

Offered

Every fall semester

The Classroom

  • Wooden lecture tables arranged in tiers; red padded chairs on wheels behind each row, grey carpet. Windows on rear wall; lectern with monitor at front of room.

    Room 1 of 2 Click for next classroom.

    Lecture

    Lectures were held in classrooms such as this one with a capacity of 80, tiered seating, projectors, chalkboards, document camera, annotatable monitor, wireless mic, lecture capture, video conferencing, assistive listening, and wireless network.

  • Five rows of lecture tables with grey chairs; black sliding boards at the front of the room; a window on the left wall.

    Click for previous classroom. Room 2 of 2

    Recitation

    Recitations were held in classrooms like this one. This room has a capacity of 70, tiered seating, video projector, sliding chalkboards, overhead projector, cable, data port at each seat, and wireless network.

 

Assessment

The students' grades were based on the following activities:

The color used on the preceding chart which represents the percentage of the total grade contributed by the final exam. 40% Final exam
The color used on the preceding chart which represents the percentage of the total grade contributed by case write-ups and homework assignments. 30% Case write-ups and homework assignments
The color used on the preceding chart which represents the percentage of the total grade contributed by a quiz. 20% Quiz
The color used on the preceding chart which represents the percentage of the total grade contributed by class participation. 10% Class participation
 

Student Information

356 students took this course when it was offered in fall 2014.

Breakdown by Year

All students were first-year Sloan master’s students.

Typical Student Background

Students enter this course with a variety of wide-ranging backgrounds.

 

How Student Time Was Spent

During an average week, students were expected to spend at least 9 hours on the course, roughly divided as follows:

In Class

3-4 hours per week
  • Lectures met 2 times per week for 90 minutes per session; 21 sessions total; mandatory attendance.
  • Recitations met 1 time per week for 1 hour per session; optional attendance.
  • Some lecture sessions were didactic, others relied heavily upon interactive discussion within the class, as well as cold-calling, especially when discussing case studies.
  • Recitation periods were used to review and reinforce material covered in the lectures, and to review the ins and outs of using modeling software for the course. Recitations were run by the Teaching Assistants.
 

Out of Class

6 hours per week

Students prepared readings, team and individual cases and write-ups, individual homework assignments, and studied for exams outside of class.

 

Semester Breakdown

WEEK M T W Th F
1 No classes throughout MIT. No classes throughout MIT. Lecture session scheduled. No session scheduled. Recitation session scheduled.
2 Lecture session scheduled. No session scheduled. Lecture session scheduled; teamwork session. No session scheduled. Recitation session scheduled.
3 Lecture session scheduled; assignment due date. No session scheduled. Lecture session scheduled. No session scheduled. No classes throughout MIT.
4 Lecture session scheduled; assignment due date. No session scheduled. Lecture session scheduled. No session scheduled. Recitation session scheduled.
5 Lecture session scheduled; assignment due date. No session scheduled. Lecture session scheduled; assignment due date. No session scheduled. Recitation session scheduled.
6 Lecture session scheduled; assignment due date. No session scheduled. Lecture session scheduled; quiz held. No session scheduled. Recitation session scheduled.
7 No classes throughout MIT. No session scheduled. No session scheduled; assignment due date. No session scheduled. No session scheduled.
8 No session scheduled. No session scheduled. No session scheduled. No session scheduled. No session scheduled.
9 Lecture session scheduled. No session scheduled. Lecture session scheduled; assignment due date. No session scheduled. Recitation session scheduled.
10 Lecture session scheduled; assignment due date. No session scheduled. Lecture session scheduled. No session scheduled. Recitation session scheduled.
11 No classes throughout MIT. No classes throughout MIT. No session scheduled; assignment due date. No session scheduled. No session scheduled.
12 Lecture session scheduled. No session scheduled. Lecture session scheduled. No session scheduled. Recitation session scheduled.
13 Lecture session scheduled; assignment due date. No session scheduled. No session scheduled. No classes throughout MIT. No classes throughout MIT.
14 Lecture session scheduled. No session scheduled. Teamwork session scheduled. No session scheduled. Recitation session scheduled.
15 Lecture session scheduled. No session scheduled. Lecture session scheduled. No classes throughout MIT. No classes throughout MIT; Saturday final exam sesion held.
16 No classes throughout MIT. No classes throughout MIT; final exam held. No classes throughout MIT. No classes throughout MIT. No classes throughout MIT.
Displays the color and pattern used on the preceding table to indicate dates when classes are not held at MIT. No classes throughout MIT
Displays the color used on the preceding table to indicate dates when lecture sessions are held. Lecture session
Displays the color used on the preceding table to indicate dates when students presentations are held. Teamwork session
Displays the symbol used on the preceding table to indicate dates when assignments are due. Assignment due date
Displays the symbol used on the preceding table to indicate dates when the final exam is held. Exam
Displays the color used on the preceding table to indicate dates when no class session is scheduled. No class session scheduled
Displays the color used on the preceding table to indicate dates when recitation sessions are held. Recitation session
Displays the color used on the preceding table to indicate when a Satuday final exam review session is held. Final exam review sesion (Saturday)
Displays the symbol used on the preceding table to indicate dates when a quiz is held. Quiz