OSCM 352: Management Science
Course Instructor:
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Required Course Materials:
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Required Text: Taylor III, B.W., Introduction to Management Science, Latest Edition, Pearson Education.
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Required Software: Excel Solver, LINGO, Crystal Ball (optional)
Course Website: Yes
Course Description
This is a course in applied operations research for business management. Business situations are represented by analytical mathematical models solved by the effective application of the methods mathematical programming and probabilistic process analysis. Emphasis is placed on the proper association of a speicifc methodology with a particular type of business problem. Specific topics include linear programming. integer programming, binary programming, transportation and transshipment problems, assignment probkems, network flow models, decision theory, queuing models, and Monte Carlo simulation. Emphasis is placed on the effective written communication of technical data and results. Extensive use is made of computer software in problem solving.
Learning Objectives
The objectives of this course are:
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to expose the student to the ideas and the concepts of various quantitative business decision models used for decision support for service and production operations management.
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to provide thorough coverage of the various approaches, concepts, and methodologies of management science.
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to master the essentials of the concepts and methodologies of the tools of management science, including linear, integer, transportation and goal programming; network flow models; decision and game theories; queuing models; Markov processes; and simulation.
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to apply the methodologies and techniques presented in the course to solve practical technical business problems.
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to provide a sound basis in management science for the student’s future academic and professional careers.
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to promote the quantitative analysis of the problems found in managing a business, government, or non-profit organization, whether production or service oriented.
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to gain a thorough understanding of the complex, dynamic, and multidimensional issues and perspectives involved in management science.
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to foster and promote critical thinking and independent problem solving skills.
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to develop skills for the clear communication and presentation of technical model results.
From this course, the individual student shall be able to:
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understand a business situation and recognize the type of problem.
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independently model and analyze business situations.
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formulate a quantitative, mathematical, representation of the business problem.
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associate the appropriate analysis methodology for its technical solution.
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understand and interpret the model results and deliver the required problem solution and interpretation.
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present technical data and model results and analysis in written reports.
Approach to Learning
This course is geared for the business professional engaged in decision making or decision support. The emphasis is on business applications and problem solving rather than rigorous mathematics. Technical discussions are motivated through numerous examples. The format is lectures presenting methodology through numerous simple examples. Discussions and questions are highly encouraged.
Student Responsibilities
Students are expected to attend all scheduled classes. Class participation includes questions and answers, as well as presentation of solved homework problems. The student is solely responsible for all assignments and material presented in class. Mastery of the subject matter in this course is measured by skill and proficiency in problem solving. Proficiency is gained by practice. The assigned homework should be regarded as the minimum amount of practice required. It is in the best interest of the student to complete each and every homework assignment. Homework is for the student’s benefit; it is a diagnostic tool by which the student may assess their understanding and performance. Failure to do so will adversely affect performance, and will negatively impact exam and course grades. The student is cautioned to avoid falling behind. Problems for each topic in the syllabus will be assigned from the corresponding chapter in the text. Some assignments may be collected, as announced. The student is responsible for completing on time each and every required assignment, including exams and reports.
Methods of Student Evaluation
Course grades are objectively based on the examinations (up to four) that are given and on the assigned professional reports/presentations that are required to be submitted. The exams consist of multiple word problems describing business situations to be modeled and solved. The short professional technical reports and/or presentations are written reports containing the full solution of an assigned business case problem. The report consists of the narrative and technical statements of the business case problem, the formulation of the associated mathematical model, description of the technical approach, presentation and discussion (including plain language interpretation) of the technical results, and conclusions and recommendations. All graded work is solely individual effort.
Proposed Course Schedule (some minor adjustments may occur)
| Week 1: | Introduction and Course Overview to Management Science |
| Week 2: | Linear Programming: Model Formulation and Graphical Solution |
| Week 3: | Linear Programming: Sensitivity Analysis |
| Week 4: | Linear Programming: Computer Solution |
| Week 5: | Linear Programming: Multivariate Modeing and Computer Solution |
| Week 6: | Integer and Binary Programming |
| Week 7: | Transportation and Related Problems |
| Week 8: | Multicriteria or Goal Programming |
| Week 9: | Network Flow Models |
| Week 10: | Decision Theory |
| Week 11: | Queuing Analysis |
| Week 12: | Simulation |
| Final | University Scheduled Exam Time |
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