CODE | MGT3021 | ||||||
TITLE | Managerial Decision Modelling | ||||||
UM LEVEL | 03 - Years 2, 3, 4 in Modular Undergraduate Course | ||||||
MQF LEVEL | 6 | ||||||
ECTS CREDITS | 4 | ||||||
DEPARTMENT | Management | ||||||
DESCRIPTION | Rationale & Learning Objectives: The unit is designed to provide a foundation in the basic quantitative techniques used in management. The focus is on the application of mathematical models in decision-making. An emphasis is placed on model building and computer applications so that students learn how these models are used in business today. Indicative Syllabus & Course Outline: Decision Making Tools: Fundamentals of decision making; decision making under uncertainty, under risk and under certainty; Expected Value of Perfect Information (EVPI), decision trees; estimating probabilities using Bayesian analysis; sensitivity analysis; Utility as a decision-making criterion; decision models with QM for windows. Time-Series Analysis and Forecasting Methods: Naïve approach; Moving averages; exponential smoothing; trend projection; seasonal variations; simple linear regression; multiple regression analysis; forecast accuracy; monitoring and controlling forecasts; use of Excel and QM for Windows to solve time series and forecasting problems. Statistical Process Control: Defining Quality and TQM, Control charts for variables (mean charts and range charts); control charts for attributes (p-charts and c-charts); use of QM for Windows to solve SPC problems. Learning Curves in Services and Manufacturing: Applying learning curves, strategic implications of learning curves and their limitations. Capacity Planning: Capacity, capacity planning, break-even analysis - single product case and multi-product case. Main Text/s: Render, B., Stair, R.M. & Hanna, M. E. (2012) Quantitative Analysis for Management (11e). Pearson Education Ltd. Supplementary Readings: Anderson, D.R., Sweeney, D.J., Williams, T.A. & Martin, K. (2011) An Introduction to Management Science: quantitative Approaches to Decision Making (13e). South Western/Cengage Learning. Balakrishnan, N., Render, B. & Stair, R.M. (2012) Managerial Decision Modelling with Spreadsheets (3e). Prentice Hall. |
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STUDY-UNIT TYPE | Lecture | ||||||
METHOD OF ASSESSMENT |
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LECTURER/S | Frank H. Bezzina Vincent Marmara |
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The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2023/4. It may be subject to change in subsequent years. |