Optimisation and Decision Modelling

Module overview

This module will provide you with a sound foundation in the application of the many tools and techniques of management science. You are expected to learn the tools and the applications of modelling, optimization, computing and programming in solving practical problems drawn from many functional areas (operations, finance, marketing, and human resources, etc.) in different organizations (industry, finance, public sector, etc.).

Aims and Objectives

Learning Outcomes

Subject Specific Intellectual and Research Skills

Having successfully completed this module you will be able to:

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

Knowledge and Understanding

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

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

Transferable and Generic Skills

Having successfully completed this module you will be able to:

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

Learning and Teaching

Teaching and learning methods

Made up of 24 lectures, including computer labs. No seminars or tutorials.

Study time
Type	Hours
Teaching	24
Independent Study	126
Total study time	150

Resources & Reading list

Textbooks

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

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

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

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

Assessment

Formative

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

Questions and answers

Assessment Type: Formative
Feedback: Questions are presented during lectures to test students’ knowledge. Individual/summative feedback is given. The individual feedback is provided for computer labs.
Final Assessment: No
Group Work: No

Summative

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

Breakdown
Method	Percentage contribution
Group work	20%
Individual Coursework	80%

Referral

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

Breakdown
Method	Percentage contribution
Individual Coursework	100%

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.

Breakdown
Method	Percentage contribution
Individual Coursework	100%

Repeat Information

Repeat type: Internal & External