Unit name | Advanced Management Science |
---|---|
Unit code | EFIM30013 |
Credit points | 20 |
Level of study | H/6 |
Teaching block(s) |
Teaching Block 1 (weeks 1 - 12) |
Unit director | Dr. Beckett |
Open unit status | Not open |
Pre-requisites |
QM1 (ECON11122) and QM2 (ECON12122) or Management Science (EFIM20005) |
Co-requisites |
None |
School/department | School of Management - Business School |
Faculty | Faculty of Social Sciences and Law |
The unit will further develop the discrete event simulation methodology introduced in Management Science in the second year. Additionally concepts of systems thinking and system dynamics simulation for policy analysis will be covered. The distinction between the discrete event and system dynamics methodologies will be explained and illustrated. One or both of these methodologies will underpin the summative computer-based project. A number of other techniques will be introduced including certain multi-criteria decision making techniques; decision analysis techniques involving Bayesian methods; and more advanced mathematical programming techniques such as Data Envelopment Analysis. Taken together with Management Science in year 2, the two units embrace a comprehensive and sought after skillset. The successful student’s CV will offer much of what is in demand by employers as this is commonly an area of skill shortages. Alternatively, students will possess an excellent grounding should they decide to pursue MS/OR in a taught post-graduate degree.
On completion of this module, students should be able to:
20 hours of lectures and 10 hours of tutorials and hands-on computer sessions.
Individual computer-based project (25%) plus a 2 hour final exam (75%).
These assessments will assess all of the intended learning outcomes.
Brailsford S, Churilov L and Dangerfield B (Eds ) (2014) Discrete Event Simulation and System Dynamics for Management Decision Making, Wiley.
Morecroft J, Strategic Modelling and Business Dynamics (2007), Wiley.
Sterman JD, (2000) Business Dynamics: Systems Thinking and Modelling for a Complex World, Irwin McGraw-Hill.
Maani KE and Cavana RY (2007) Systems Thinking, System Dynamics: Managing Change and Complexity. Pearson, New Zealand.
Anderson, D.R., Sweeney D.J., Williams, T.A. and Wisniewski M (2014). An Introduction to Management Science: Quantitative Approaches to Decision-Making. Cengage Learning, Andover.