In this module, students are introduced to a range of Management Science techniques. The applications of these techniques are explored using the problem-scenario approach. This course is designed to run in parallel with Information Management.
The aims of this module are: to provide the student with a sound conceptual understanding of the role that Management Science plays in the decision-making process, to equip the student with a set of Management Science techniques and to demonstrate their use by the application to decision-making problems.
Introduction
The Management Science approach; problem definition, model formulation, data selection, solution, and implementation.
Linear Programming and Network Models
Problem formulationGraphical solutionSolver solution, solution interpretation and sensitivity analysisApplications: Transportation, Assignment and Transshipment problems - solution using Linear Programming or special purpose solution procedures
Project Scheduling
Drawing the networkCalculation of event times and floats, determining the critical pathPERT and uncertaintyResource scheduling and Gantt chartsCrashing and associated costs
Inventory Management
EOQ model, production lot-size model, quantity discounts, planned shortages. Stochastic models: re-order point with uncertain demand, determination of optimum safety stocks
Simulation
Building a simulation modelSimulation with stochastic systems, generating random inputs Simulation of inventory and queuing systemsDecision makingSpreadsheet simulation using Excel
| Module Content & Assessment | |
|---|---|
| Assessment Breakdown | % |
| Formal Examination | 80 |
| Other Assessment(s) | 20 |