The aims of this module are to:Further develop students awareness of approaches to constructing mathematical models for business problemsDevelop additional mathematical skills relevant to management scienceEquip students with the knowledge and technical expertise necessary to solve specific business problems and make complex business decisions
Network Analysis
Project scheduling. Project control, networks and critical path analysis. Constructing a network diagram. Ordering activities, earliest start times, latest finish times and critical activities. Total, free and independent floats. Managing activities with uncertain durations. Cost benefit analysis of crashing critical activities.
Queuing Theory
Arrival patterns and service patterns. Queue design and queue characteristics. Average time in system and average time in queue. Effects of increasing the number of servers. The implied value of customer time. Applications to typical examples, such as banks, supermarkets, computers, public transport.
Decision Analysis
Elements of Decision Analysis. Maximax, maximin, minimax regret, and Hurwicz decision making. Bayes's Theorem. constructing decision trees. Decision nodes, chance nodes, terminal nodes. Expected monetary value, payoff, and costs.
Quality Control
Process Quality and Statistical Quality Control (Variables and Attributes). Constructing control charts. Applications of control charts.
| Module Content & Assessment | |
|---|---|
| Assessment Breakdown | % |
| Other Assessment(s) | 40 |
| Formal Examination | 60 |