Study-Unit Description

Study-Unit Description


CODE MGT5204

 
TITLE Management Science and Decision Analysis

 
LEVEL 05 - Postgraduate Modular Diploma or Degree Course

 
ECTS CREDITS 5

 
DEPARTMENT Management

 
DESCRIPTION This study-unit provides a formal study and application of various management science techniques that have been applied successfully to solve problems and enhance decision making in business, government, healthcare, education and many other areas. The emphasis is on model building and computer applications rather than the mathematical details of the algorithms.

Successful uses and stories on the applications of such management science techniques will be discussed through case studies to provide additional challenging applications.

The following topics will be covered:
1. The Management Science Approach;
2. Game Theory;
3. Time Series Analysis (including ARIMA, SARIMA and multivariate);
4. Linear, Integer, Goal and Nonlinear Programming;
5. Transportation and Assignment Models;
6. Markov Analysis;
7. Analytic Hierarchy Process.

Study-unit Aims:

This study-unit aims to provide a solid foundation in management science modelling to help students understand how such applications can be applied in the business world to better guide decision making.

Learning Outcomes:

1. Knowledge & Understanding
By the end of the study-unit the student will be able to:

1) master the core concepts of Management Science and Decision Analysis;
2) implement successfully such concepts in business and other decision-making environments;
3) employ enhanced analytical thinking and problem-solving skills to address specific problems;
4) employ enhanced levels of critical thinking.

2. Skills
By the end of the study-unit the student will be able to:

1. formulate and solve problems using the management science techniques covered in the study-unit;
2. apply computers and spreadsheets to solve quantitative analysis problems;
3. conduct sensitivity analysis;
4. make effective decisions using the principles of management science.



Main Text

- Render, B. Stair, R.M., & Hanna, M.E. (2012) Quantitative Analysis for Management (11e). Harrow: Pearson.

Supplementary Readings

- Anderson, D.R., Sweeney, D.J, Williams, T.A, Camm, J. Cochran, J.J., Fry, M.J. & Ohlmann, J.W. (2015) An Introduction to Management Science: A Quantitative Approach to Decision Making (14e). Boston: Cengage Learning.
- Taylor, B.W. (2016) Introduction to Management Science (12e). Boston: Pearson.

 
STUDY-UNIT TYPE Lecture

 
METHOD OF ASSESSMENT
Assessment Component/s Assessment Due Resit Availability Weighting
Examination (2 Hours) SEM2 Yes 100%

 
LECTURER/S Frank H. Bezzina
Vincent Marmara

 
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 2020/1. It may be subject to change in subsequent years.

https://www.um.edu.mt/course/studyunit