The aims of this module are to:• Develop students awareness of approaches to constructing mathematical models for business problems• Develop mathematical skills relevant to management science• Equip students with the knowledge and technical expertise necessary to solve specific business problems
Model Formulation
Decision variables, constraints and objectives. Formulating mathematical models. Specific business examples.
LP Graphical Solutions
Graphical representation of linear programs. Maximisation and minimisation problems. The feasible region, the iso-function line, and the optimum solution. Infeasible and unbounded problems. Problems with non-unique optimal solutions.
Simplex Method
Constructing the initial tableau. Slack, surplus and artificial variables. The simplex algorithm. Second and subsequent tableaux. Identifying and interpreting the final tableau. Sensitivity analysis, shadow prices and range of relevance. Duality in Linear Programming.
Transportation and Assignment
The transportation algorithm. Modelling assignment problems. Formulating an initial feasible option. Vogel’s Approximation Method. The second and subsequent tables. Identifying and interpreting the final table. Using dummies for unbalanced problems. Managing forbidden and compulsory routes. Multiple optimal solutions.
Computer Packages
Analysis and interpretation of computer package output.
| Module Content & Assessment | |
|---|---|
| Assessment Breakdown | % |
| Other Assessment(s) | 40 |
| Formal Examination | 60 |