MGMT 295 - Management Science

This is an introductory course in the techniques of management science.  It explains with a minimum of mathematics how to formulate decision problems, how to solve them, and how to apply the solutions obtained.  Fundamental management problems, such as determining an optimal allocation of an organization's limited resources among competing demands, are examined.  The application of computers to solve management science problems is demonstrated.

 

Credits: 3

 

Hours: 45 (Lecture Hours: 30;  Laboratory Hours: 15)

 

Prerequisites:
Business Management Post Degree Diploma students: None. 
All others: MGMT 290 or MATH 104, and CPSC 101; Or permission of Chair.

 

Non-Course Prerequisites:
None

 

Co-Requisites:
None

 

Course Content:
Introduction to Management Science & Linear Programming 
LP and Sensitivity Analysis 
LP and Simplex Method
Maximization and Minimization 
Postoptimality Analysis 
Transportation and Assignment Problems
Integer Programming
Goal Programming 
Decision Theory 
Forecasting Inventory Models 
Networks CPM and PERT 
Queuing Models and Simulation
Markov Analysis and Information Systems.

 

Learning Outcomes:
Upon successful completion of this course, the student will be able to: 
 - Define management science and outline its characteristics
 - Identify the uses and limitations of managment science techniques
 - List the steps of the scientific method, and the six-step management science process
 - Define a system and describe its structure, and differentiate between its efficiency and effectiveness
 - Describe the components of a mathematical model and outline various types of models 
 - Explain what linear programming (LP) is, and list its components             
 - Solve LP problems graphically and interpret the data
 - Explain how sensitivity analysis can be useful to a decision maker, and use this technique to evaluate a change in the value of an objective function coefficient and in the RHS of a constraint
 - Discuss the role computers play in solving simplex problems and the relevance of manual solutions
 - Solve maximization and minimization problems and interpret those solutions
 - Read and interpret the solution to a dual problem, and relate the dual solution to the primal solution
 - Use the assignment and transportation methods to solve integer problems
 - Use graphical, and branch and bound methods to solve integer problems
 - Explain what a goal is and how it is expressed in a goal programming model
 - Formulate goal programming models and solve them using a graphical approach and computer software
 - Describe and give examples of decisions under certainty, risk, and complete uncertainty
- Construct a payoff table and use decision trees to lay out decision alternatives
 - Determine the expected value of perfect information
 - Describe and use a variety of forecasting techniques to make forecasts
 - List and briefly describe the information requirements of inventory management, and material requirements planning (MRP)
 - Use appropriate formulas to compute order quantities, when to re-order, safety stocks, service levels, and expected amounts of shortages
 - Describe the kinds of problems that can be solved using the shortest route algorithm and use it to solve typical "network" problems
 - Construct simple network diagrams and analyze various networks
 - List the kinds of information that a PERT or CPM analysis can provide and use these analyses in project management problems
 - Identify the appropriate queuing model needed to solve a problem
 - Differentiate between analytical techniques and simulations,and  conduct manual and computer simulations
 - Describe the kinds of system behaviors that Markov analysis pertains to
 - Use a tree diagram and matrix multiplication (by computer also) to analyze system behavior
 - Contrast the terms data and information
 - Explain what a management information system (MIS) is and the various kinds of reports that such systems can supply to decision makers                                                                                                                                                                       
 - Differentiate an MIS system from a decision support system (DSS) and an expert system
 -Use Markov Analysis and Information Systems

 

Grading System: Letters

 

Passing Grade: D (50%)

 

Textbooks: Textbooks are subject to change.  Please contact the bookstore at your local campus for current book lists.