BE310-5-SP: INTRODUCTION TO QUANTITATIVE MANAGEMENT
Department: Essex Business School
Essex credit: 15
ECTS credit: 7.5
Available to Study Abroad / Exchange Students: No Pre-requisites: BE300 OR IA157 OR MA108
|Module is taught during the following terms
This application-driven course teaches the manager how to formulate and solve real-world problems concerned with decision making in modern management. Simulation is the main solution tool. The course demonstrates how to build simulation models, how to run simulations using simple Excel spreadsheets, and, to evaluate and interpret output results.
1 to introduce (and revise) basic mathematical notions essential to quantitative management;
2 to understand simulation modelling and how it can be used to effect in key areas of management such as inventory, queues and maintenance;
3 to understand how to submit a model, and run a simulation using spreadsheets and how to evaluate results from that model.
At the end of the course students should be able to:
1 formulate decision problems arising in management;
2 build simulation models of such problems;
3 solve practical instances of such problems using spreadsheets;
4 analyse and evaluate simulation results prior to their use in decision making.
1. Introduction to modelling
2. Decision making under uncertainty
i. The structure of decisions; the pay-off table
ii. Decision criteria
iii. Revision of probability and conditional probability
iv. Expectation and decision trees
v. The expected value of perfect and imperfect information
3. Modelling Queues
4. Modelling Inventories
6. Project Scheduling
Learning & Teaching Methods
Learning and teaching methods:
Spring term: The course will be covered in 15 lectures, 9 lab sessions and 5 classes. In the summer term there will be 3 revision classes.
40 per cent Coursework Mark, 60 per cent Exam Mark
The coursework will consist of two open-ended individual pieces of coursework, one in the middle of the spring term, the other at the end of that term, each having a 4-week deadline.
Exam Duration and Period
2:00 hour exam during Summer Examination period.
Winston, W.L. and Albright, S.C. "Practical Management Science", Duxbury.