Curriculum /1

ØKA2011 Introduction to Management Science

Name of study programme

Introduction to Management Science

ECTS credits

7,5

Learning outcomes

Knowledge (upon completion of the course, the student will):

  • Have a wide knowledge of areas where management science techniques are heavily used both within public and private sector
  • Refer to important results from research within specific areas covered in the course
  • Translate practical problems into quantitative models that are solvable with spreadsheets
  • Justify the choice of various models on the basis of specific criteria
  • Discuss strengths and weaknesses of using quantitative models for decision support in practice.

Skills (upon completion of the course the student will be able to):

  • Find optimal solutions for linear programming models by graphical solutions, calculations, and by the use of spreadsheets
  • Interpret the results and important concepts from solution reports from such models
  • Replicate real business situations by the use of Monte Carlo simulation
  • Analyze uncertainty in various projects based on the results from Monte Carlo simulations
  • Choose appropriate forecasting models for data with various properties
  • Making forecasts for time series variables in a spread sheet using appropriate modelling techniques
  • Calculate the accuracy of forecasts with several accuracy measures
  • Evaluate the performance of various forecasting techniques on the basis of the accuracy measures
  • Calculate optimal order quantity, total costs, and reorder point given several different assumptions

General competence (upon completion of the course the student will be able to):

  • Assess what needs various businesses might have for management science techniques
  • Assist in the development and use of appropriate management science techniques in a given corporation

Teaching and working methods

Lectures, problem solving, individual and group work with mandatory hand-ins.

Assessment, examination and grading

Coursework requirements

Mandatory hand-ins that must be passed in order to be allowed to take the exam. Specific form, number and other details will be announced during course start-up.

 

Form of assessment

Four hours written exam under attendance.

Programme structure and content

The course is divided into four main parts. These are:

  • Linear Programming Models
  • Simulation Models
  • Forecasting Models
  • Inventory Models

The workload is approximately the same for all four main parts.

Class

2018