| CODE | MGT4108 | ||||||
| TITLE | Management Science | ||||||
| UM LEVEL | 04 - Years 4, 5 in Modular UG or PG Cert Course | ||||||
| MQF LEVEL | 6 | ||||||
| ECTS CREDITS | 4 | ||||||
| DEPARTMENT | Management | ||||||
| DESCRIPTION | The following topics will be covered in this study-unit: 1. Transportation and Assignment Method 2. Integer Programming, Goal Programming and Nonlinear Programming 3. Dynamic Programming 4. Markov Analysis The software used includes QM3 for Windows, Excel QM2 and Excel. Study-unit Aims The focus of this unit is on the application of mathematical models in decision making. Emphasis is placed on model building and computer applications so that students understand how these models are used in business today. It is an extension of Operations Research (MGT 2031) and Managerial Decision Modelling (MGT 3021). Learning Outcomes 1. Knowledge & Understanding: By the end of the study-unit the student will be able to: After completing the chapters on transportation and assignment models, integer, goal and non-linear programming, dynamic programming and Markov analysis, students will be able to: 1. Understand the application of quantitative analysis in real situations. 2. Describe the use of modeling in quantitative analysis. 3. Use computers and spreadsheet models to perform quantitative analysis. 4. Discuss possible problems and perform sensitivity analysis 2. Skills (including transferable [generic] skills): By the end of the study-unit the student will be able to: 1.solve assignment problems, facility location problems and other application problems with transportation models 2. formulate integer programming, goal programming and non-linear programming problems and solve using Excel. 3. use dynamic programming to solve shortest route problems and knapsack problems. 4. Determine future sales or conditions using Markov analysis and compute long-term or steady state conditions using matrix of transition probabilities. Main Text/s and any supplementary readings Main Text: - Render, B., Stair, R.M., Hanna, M.E. (2009) Quantitative Analysis for Management (10e) NJ, Upper Saddle River: Pearson Education/Prentice-Hall. This text is available in the library Supplementary Reading: - Anderson, D.R., Sweeney, D. &Williams, T. (2009) An Introduction to Management Science: A Quantitative Approach to Decision Making (1e). Strathclyde:Cengage Learning. This text is available in the library. - Hillier, F.S.& Hillier, M.S. (2008) Introduction to Management Science: A Modeling and Case Studies approach with spreadsheets (3e). Boston: McGraw-Hill. This text is available in the library |
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| RULES/CONDITIONS | Before TAKING THIS UNIT YOU MUST TAKE MGT2031 AND TAKE MGT3021 | ||||||
| ADDITIONAL NOTES | Pre-requisite qualifications B.Com (Management) |
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| STUDY-UNIT TYPE | Lecture | ||||||
| METHOD OF ASSESSMENT |
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| LECTURER/S | Frank H. Bezzina |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
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 2025/6. It may be subject to change in subsequent years. |
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