This course introduces quantitative models that can be used to solve decision problems within various corporations. Spreadsheets (Microsoft Excel) will be actively used both in teaching and in mandatory hand-ins. 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.
Basic corporate finance, accounting, calculus /mathematics, and statistics.
To view the course material for ØKA2011 Introduction to Management Science, please search here. Do notice that the overview might not be available until a few weeks before the official semester start. Additionally, lecture notes (including problems), and some additional papers etc. (available via Canvas) will be part of the curriculum.
A selection of papers (not decided) will be available in Canvas.
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
Would you like to apply?
The course is available only for students coming from our partner institutions. Contact the International Coordinator at your home institution to find out if you are eligible for exchange studies at Inland Norway University of Applied Sciences (INN University). Please notice that applications can be submitted for one campus only.