Management Science

Semester and Year Offered: 1st Semester

Course Coordinator and Team:

Email of course coordinator:

Pre-requisites: None

Aim: The course provides students with a sound conceptual understanding of the role that management science plays in the decision making process. It emphasizes the application of a wide variety of quantitative techniques to the solution of business problems.

Course Outcomes:

At the end of the course, the participants will be able to:

1. Understand the discipline of management science, and the associated mathematical tools and techniques to aid decision making and planning
2. Formulate simple and complex models using appropriate statistical tools
3. Use different models and forecasting techniques in business and appreciate the effect of multi-criteria decision making
4. Interpreting the outcomes of the models and their implications for the manager

Brief description of modules/ Main modules:

Unit 1: Introduction to Management Science

Unit 2: Linear Optimization

Linear programming model formulation and applications; graphical method for solution; introduction to using excel solver; special linear programming problems; transportation models, assignment models, transshipment models, travelling salesman problem; solving network models using MS excel solver/optimization software

Unit 3: Network Models

Concept and preparation of networks; PERT and CPM; shortest route problem

Unit 4: Linear Integer Programming

Select applications; pure integer models; mixed integer models; zero-one programming; solving linear integer model using optimization software

Unit 5: Linear Goal Programming

Goal programming formulations and solution methods

Unit 6: Decision Analysis

Decision making under certainty, risk and uncertainty

Unit 8: Introduction to Waiting Line Models

Characteristics and structure of queuing systems; arrival and service process; inter-arrival time distribution

Assessment Details with weights:

Reading List:

• Anderson, D.R., Sweeney, D.J. and Williams, T.A. (2012). An Introduction to Management Science: Quantitative Approaches to Decision Making, 13th edition, Cengage Learning.
• Hillier, F. and Lieberman, G. (2012). Introduction to Operations Research: Concepts and Cases, 9th edition, Tata McGraw Hill Education Private Limited.
• Sharma, J.K. (2009). Operations Research: Theory and Applications, 4th edition, Macmillan India Limited
• Wiest, J.D. and Levy, F.K. (1988). A Management Guide to PERT/CPM, With GERT/PDM/DCPM and Other Networks, 2nd edition, Prentice Hall.
• Winston, W.L. and Albright, S.C. (2014). Practical Management Science, 5th edition, Cengage Learning.

ADDITIONAL REFERENCE:

• Additional Cases and Readings / Articles are provided to the participants in form of a course manual as the commencement of the session.