Course

BUS336 Optimization Methods in Business Analytics

Credits (ECTS):5

Course responsible:Marie Steen, Jens Bengtsson

Campus / Online:Taught campus Ås

Teaching language:Norsk

Course frequency:Annually

Nominal workload:

Nominal workload: 125 hours.

Exercises: Appox. 18 hours

+ own work through problem solving and self-study

Teaching and exam period:This course starts in Spring parallel. This course has teaching/evaluation in Spring parallel.

About this course

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 and goal programming. 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.

Learning outcome

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 optimization models (e.g., linear programming) 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.

• is familiar with how optimization models (e.g., linear programming models), especially Excel and Excel Solver can be used for modeling and problem-solving in operations research.

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 optimization 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 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.

  • Learning activities
    Lectures (2 hours/week) with integrated use of IT, especially use of spreadsheets, to analyse different models interactively in class. Computer lab exercises (2 hours /week)in smaller groups.
  • Teaching support
    The main lecturer is available through e-mail and phone, and for office visits by appointment, throughout the whole semester. The teaching assistants are also available for guidance.
  • Prerequisites
    Introductory courses in mathematics, statistics and microeconomics (ECN102/MATH100, STAT100, ECN110).
  • Recommended prerequisites
    BUS133 (Introductory course in Excel).
  • Assessment method

    Final written examination (3,5 hours) counts 100%.

    B1: Calculator handed out, no other aids



    School exam Karakterregel: Letter grades Hjelpemiddel: B1 Calculator handed out, no other aids
  • Examiner scheme
    External examiner will control the quality of syllabus, questions for the final examination, and principles for the assessment of the examination answers.
  • Mandatory activity

    Compulsory elements, minimum 7 out of 9 assignments (or 78%) have to be approved.

    Approved mandatory activity from previous years is valid when retaking the course.

  • Teaching hours

    BUS336 has common lectures, and exercises (most of them) with BUS230 :

    2 hours of lectures every week, 3 exercise groups, each 2 hours per week

  • Reduction of credits
    The course is overlapping 5 credits with BUS230.
  • Admission requirements
    The course is for master students who satisfy the required prerequisites.