Well, morning started with a double session of Supply Chain Management by Daniel. After spending some time in explaining us the SCM simulation, he began teaching the various inventory management models. It was a more of a lecture style class today, although the examples he gave to explain these models were all day-to-day life examples - from queues at amusement parks to airline check-in to planning a birthday party for kids to buying chocolates.
It was like we were presented with models for analyzing the simple events happenings in our daily life.
By the way, he did give us a quote today, "All models are wrong. But some of them just prove to be useful".
A statement made by some statistician to explain how no matter how much we try, there is always some variable that we assume or miss or ignore, making every model incomplete in a theoretical sense.
And then, it was the country economics class by Gonzalo with a case on India. While reading the case last night, I found myself really efficient, as most of what was written was known to me anyways.
Today, it was time for noting and analyzing some of the events in history of India that shaped its economy. It was like I was looking back at my own life and life of my fellow countrymen with an additional lens of economics.
At the end of it, Gonzalo also nicely explained why countries like India had the import substitution policy up until early 90's.
The whole economic sense that this explanation provided was an interesting thing to learn.
Had a real long group meeting today to work on SCM simulation, and now that we finally decided to take a break, I thought of quickly putting up this post for today.
Considering all the readings for tomorrow, looks like I have got a long night ahead of me :-)
It was like we were presented with models for analyzing the simple events happenings in our daily life.
By the way, he did give us a quote today, "All models are wrong. But some of them just prove to be useful".
A statement made by some statistician to explain how no matter how much we try, there is always some variable that we assume or miss or ignore, making every model incomplete in a theoretical sense.
And then, it was the country economics class by Gonzalo with a case on India. While reading the case last night, I found myself really efficient, as most of what was written was known to me anyways.
Today, it was time for noting and analyzing some of the events in history of India that shaped its economy. It was like I was looking back at my own life and life of my fellow countrymen with an additional lens of economics.
At the end of it, Gonzalo also nicely explained why countries like India had the import substitution policy up until early 90's.
The whole economic sense that this explanation provided was an interesting thing to learn.
Had a real long group meeting today to work on SCM simulation, and now that we finally decided to take a break, I thought of quickly putting up this post for today.
Considering all the readings for tomorrow, looks like I have got a long night ahead of me :-)
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