INFORMS Open Forum

Optimization software for business students

  • 1.  Optimization software for business students

    Posted 01-11-2023 14:26

    Of all the fields of undergraduate studies that would use software for optimization (such as computer science, engineering, mathematics, and business), business students are often the least technically inclined. It would therefore be appropriate that optimization software intended for business students be as easy to use as possible. Many years ago, LINDO addressed this market, and while it is still available, it was never ported to the Mac, and cannot be used for non-linear optimization.

    The makers of LINDO created the much more advanced LINGO, which does handle non-linear optimization, and can run on either Windows or the Mac. An educational version can be downloaded for free from https://www.lindo.com/index.php/ls-downloads/try-lingo. Like other dedicated software packages, such as CPLEX or Gurobi, the user manual for LINGO stresses sets mode. This is of course useful (and indeed necessary) for large-scale optimization. I use LINGO in sets mode for advanced undergraduate electives, and for graduate courses. However, in my opinion, sets mode is not friendly for most business students learning about optimization in a survey course.

    Many business schools use the Excel Solver for optimization. Yes, this is easier than sets mode. However, it does take a while to enter the data for each model, first in Excel with each variable needing a column, and then specifying what is to be optimized in the Solver Parameters box.

    Those familiar with my Decision Modeling book (which can be downloaded for free from  https://linney.mun.ca/pages/view.php?ref=36808 ) will know that this book uses LINGO in scalar mode in addition to the Excel Solver. In my opinion, LINGO in scalar mode is much easier to learn and use than the Excel Solver.

    More about using scalar mode appears in a paper which I wrote with my colleague Ginger Ke. The article may be viewed at:

    https://www.researchgate.net/publication/366651683_Using_LINGO_for_Business_Students#fullTextFileContent


    --
    David M. Tulett, PhD
    Associate Professor
    Faculty of Business Administration
    Memorial University
    St. John's, NL, Canada, A1B 3X5
    dtulett@mun.ca
    “... read, mark, learn, and inwardly digest ...”

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