Optimisation and Decision Modelling

Learning Outcomes

Transferable and Generic Skills

Having successfully completed this module you will be able to:

• problem structuring and solving;
• computer skills.
• teamwork;
• decision making;

Knowledge and Understanding

Having successfully completed this module, you will be able to demonstrate knowledge and understanding of:

• how to obtain sensitive analysis reports, and understand the concept of duality;
• how to solve linear programming problems using different techniques;
• how to model a wide range of business problems using optimisation techniques;
• how to recognise and be able to formulate and solve problems that require integer programming and goal programming;
• how to use a standard linear programming package.

Subject Specific Intellectual and Research Skills

Having successfully completed this module you will be able to:

• critically analyse and interpret the solutions of decision-making.
• apply the principles and techniques to solve practical business problems;

• Model building for business problems. Linear programming model formulation and graphical solution
• Analysis of special linear programming solutions
• Linear programming applications and their computer solution
• The Simplex method for solving linear programming
• Duality and sensitivity analysis in linear programming, including graphical sensitivity analysis, simplex-based sensitivity analysis, and computer sensitivity analysis
• Integer programming: modelling, applications and algorithms,
• Transportation, assignment and transhipment problems
• Multicriteriai decisions.

Teaching and learning methods

Made up of 24 lectures. No seminars or tutorials. Students are allowed to select their own group members, normally 4 students in a group. Since the assignment is about mathematical modelling, students are expected to arrange all meeting themselves, including discussing problems, building up models, solving the models using software arrange, and writing reports. There will be a very brief introduction about group work, which normally occurs during lectures.

Resources & Reading list

Textbooks

DR Anderson, DJ Sweeney, TA Williams AND M Wisniewski (2010). Introduction to Management Science: Quantitative Approach to Decision Making (Int'l Ed). South-Western.

B Render, RM Stair Jr. and N Balakrishnan (2012). Managerial Decision Modelling with Spreadsheets. Prentice Hall.

BW Taylor III (2012). Introduction to Management Science. Pearson.

FS Hillier and MS Hillier (2013). Introduction to Management Science: a Modelling and Case Study Approach with Spreadsheets. McGraw-Hill.

Formative

This is how we’ll give you feedback as you are learning. It is not a formal test or exam.

Summative

This is how we’ll formally assess what you have learned in this module.

Referral

This is how we’ll assess you if you don’t meet the criteria to pass this module.

Repeat

An internal repeat is where you take all of your modules again, including any you passed. An external repeat is where you only re-take the modules you failed.

Repeat Information

Repeat type: Internal & External