| Unit name | Management Science |
|---|---|
| Unit code | EFIM20005 |
| Credit points | 20 |
| Level of study | I/5 |
| Teaching block(s) |
Teaching Block 2 (weeks 13 - 24) |
| Unit director | Dr. Christopher Durugbo |
| Open unit status | Not open |
| Pre-requisites |
QM1 (Econ 11122) and QM2 (Econ 12122) |
| Co-requisites |
None |
| School/department | School of Management - Business School |
| Faculty | Faculty of Social Sciences and Law |
Management Science is concerned with the application of quantitative techniques and the modelling of business problems to aid management decision-making and planning. Management Scientists need to have a good awareness of the ways in which businesses operate and to understand the development and application of tools used to help operate businesses successfully.
Three broad concepts will be introduced on the course. These are: Operational Research, Operations Management, and Project Management. The techniques which will be introduced include linear programming, decision trees, simulation, and critical path analysis. All concepts and techniques are illustrated using case studies, spreadsheets and appropriate software.
On successful completion of this unit, students will be able to: •Understand the basic concepts, techniques and theories of management science - Students will gain an understanding of the concepts and techniques of management science. The scope will include operational research, operations management and project management. The unit will introduce the students to management science techniques, including linear programming, simulation, stock control, and critical path analysis. More specifically, this will include: models of managing in organisations; the international, business and internal context of managing; corporate and functional management planning and decision-making; organising, leading people; managing budgets, operations and information systems •Show how management science techniques are used in order to solve organisational problems- For example, it will be shown how management science is involved in strategic decisions, such as the choice of site for a new hospital, as well as day-to-day operations such as nurses and doctor scheduling (resource allocation) and queue management in the allocation of hospital beds. Students will appreciate that management science theories and tools can be applied in any type of business, including retail, financial services, telecommunications, health, manufacturing and non-profit making organisations •Appreciate a range of concepts and techniques and the circumstances in which they might be applied- by the end of the course the student should be able to apply the techniques to particular cases and understand when to apply each technique Recognise the benefits and limitations of the techniques- For example the students will appreciate how management science complements other subjects. For example, cost analysis links with Accounting, Finance and Economics.
18 hours of lectures, 18 hours of computer workshops and tutorials
A third of the lecture hours will be given to each of operational research, operations management and project management. The computer workshops will show how to use Excel for simulation and linear programming. The tutorials will provide the opportunity to get small group help with the problem based tutorial exercises.
The unit will be assessed by one 3-hour exam (100%) in the summer term. This will be a closed book exam, although a formulae sheet will be provided.
Examination questions will test understanding of management science concepts and practice, and will be largely problem based. More specifically, they will examine students’ knowledge and understanding of the management science techniques, thus the exam will be an assessment of the students’ analytical and problem solving skills and some critical thinking will be incorporated
