BUS230 Operations Research

Management Science is an approach to management decision-making that makes extensive use of quantitative methods. This course aims to introduce students to the application of quantitative techniques to problems where models capture problem structure and use it to help optimise the decision outcome. The most central methods are linear programming including graphical representations, sensitivity analysis, different classes of network models, integer/binary programming, non-linear programming, goal programming, queuing models and forecasting models. A combination of computer sessions and example classes demonstrate how advances in computing power have made these techniques more accessible to managers and how the techniques can be applied to a range of different situations. These broad aims map to a number of explicit learning outcomes presented below.

Upon completion of the course, the student will have achieved the following learning outcomes:

Knowledge

The student

• has broad knowledge of fundamental principles in operations research and business analytics, including decision-support tools and quantitative methods.

• is familiar with how management science models (e.g., optimization models, forecasting models and queuing models) are applied to solve decision-making problems in business contexts.

• can update their knowledge on the application of analytical methods through the study of relevant academic sources and practical case studies.

• has broad knowledge of fundamental principles in operations research and business analytics, including decision-support tools and quantitative methods.

Skills

The student

• can apply quantitative methods to analyze and solve complex decision-making problems in economics and business administration.

• can reflect on the strengths and limitations of various models and methods in operations research.

• can find, evaluate, and reference relevant sources to support analyses and decision-making in operations research and business analytics.

• can master relevant techniques for formulating and solving optimization problems, forecasting- and queuing problems using Excel Solver and other tools.

General Competence

The student

• has insight into how analytical methods can be used to enhance decision-making processes in organizations.

• can plan and conduct analyses using quantitative methods to improve efficiency in businesses and public organizations.

• can communicate analyses and recommendations in a precise and structured manner, both in writing and orally.

• is familiar with innovation processes and new developments in data analytics and decision support, and how these can be leveraged to create value in organizations.