This module aims to develop the skills required in formulating quantitative models to aid decision-making in project management and supply-chain management. The emphasis is on formulating realistic models to represent decision problems and familiarising the students with the methods for solving these problems. The use of software and tools relevant to the area is covered in the practical sessions. Optimisation, risk analysis and decision analysis are among the approaches used to solve practical problems.
Linear Programming:
Formulation of optimisation problems using linear programming, Simplex Algorithm to solve LP problems, integer programming problems, the branch and bound algorithm, dynamic programming – multistage decision processes. Sensitivity analysis, changes to constraints and objective function coefficients.
Network Models:
Network diagrams; formulation and solution of maximal flow problems, minimum cuts
Forecasting Techniques:
Times series; trend, seasonal variations, forecasting, exponential smoothing, mean-square error, linear trend line prediction.
Queuing Theory and Simulation:
Waiting line models, single-channel waiting line, distribution of arrivals, distribution of service times, queue discipline, steady-state operation, single channel with Poisson arrivals and exponential service times, operating characteristics, managers' use of waiting line model, improving the waiting line operation, multiple channel with Poisson arrivals and exponential service times, operating characteristics, economic analysis of multiple channel lines, the implied value of customer time, simulation in theory and in practice, components of the simulation model, inventory simulation, waiting line simulation, computer implementation, verification and validation, advantages and weaknesses of simulation.
| Module Content & Assessment | |
|---|---|
| Assessment Breakdown | % |
| Other Assessment(s) | 40 |
| Formal Examination | 60 |