I am really sorry that I did not finish this series of posts before… In case you really don’t know what this is about here are the other posts: Visiting Stuttgart; First Day about mathematics and problem solving; Second Day dedicated to Industrial Math; 3rd Day in Stuttgart and Cryptography and 4th Day and Financial Math. And now I am at the last day; obviously this day was more about presenting what projects the university has and nice things about masters and things like that. In case you want to know what we talked about and what HFT can offer, email me at LThMathematics@gmail.com I have to say that their offers are interesting and I recommend a quick look in case you are interested more in Applied Mathematics.
And because this day was mostly about the university, we didn’t have that many presentations. In fact, we had only short one about Operations Research ( an introduction to it). In case you have no idea what this is, here is a small definition:
Operations Research (O.R.) … is a discipline that deals with the application of advanced analytical methods to help make better decisions. The terms management science and analytics are sometimes used as synonyms for operations research.
It has a lot of applications everywhere: in industry for inventory optimization, scheduling, production and resource planing, and supply chain optimization; in services for workforce scheduling; in finance for portfolio optimization and risk management; and much more. By this applications you can see that it is more about using a mathematical model for making effective decisions. Here is a small diagram (a Print Screen from the lecture notes) that explains more:
And after this small introduction we discussed a little about the well known Transportation Problem; in our case it sounded like this: a PC Manufacturer supplies the European market from 4 distribution centers (dc), each dc covers the demand of the associated region and the dcs are supplied from 3 plants; based on the demand forecast for the 4 regions, every plant is assigned a production plan taking into account the production capacities; the manufacturer is looking for a transportation plan to ship the PCs from the plants to the dcs minimizing overall transportation costs. And after you read carefully this problem you will surely understand how important something like this is to any type of industry, not only the PC one (given as an example). From here comes the calculations, normally from we get all the numbers necessary (in real life), but mathematicians like generalizations. There are nice ways to solve this problem, but I will let you with this article from Wikipedia (it gives all the necessary info).
And here is the last thing… my last post about it. I have to say that it was a great experience. It showed me a lot of interesting things, showed me how important mathematics is to our technology (don’t forget my quote: ‘Mathematics is like air or water to our technological society’ and this week just increased my belief in this). I’ve met incredible people, great teachers that spent a lot of time with us listening to all kinds of questions. I would surely do this again, and I hope that more universities do this kind of projects.
Hope you liked this post, and if you would like to know more email me at LThMathematics@gmail.com . Any feedback is appreciated so use the like and share buttons and also comment below with your favorites, too.
Check my Facebook page, my Tumblr, my just started Google+ page and also my new Twitter (I am really new to the last 2 things, so bare with me if you see stupid mistakes there) and Instagram. Thank you for reading and enjoy your day.