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Unit of study_
QBUS3310: Advanced Management Science
This unit gives guidelines for the formulation of management science models to provide practical assistance for managerial decision making. Optimisation methods are developed, and the complexity and limitations of different types of optimisation model are discussed so that they can be accounted for in model selection and in the interpretation of results. Linear programming methods are developed and extended to cover variations in the management context to logistics, networks, and strategic planning. Other topics may include decision analysis, stochastic modelling and game theory. The unit covers a variety of case studies incorporating the decision problems faced by managers in business.
| Code | QBUS3310 |
|---|---|
| Academic unit | Business Analytics |
| Credit points | 6 |
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Prerequisites:
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QBUS2310 |
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Corequisites:
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None |
| Prohibitions:
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ECMT3610 or ECMT3710 |
At the completion of this unit, you should be able to:
- LO1. demonstrate a clear understanding of the different mathematical and statistical models and methods that support decision making for management
- LO2. apply creative thinking to distil the main stylised facts and relationships from complex interactions between cost variables
- LO3. recognise different cost components and operational constraints in modelling business problems
- LO4. critically appraise the suitability of different analytic methods for a specific purpose
- LO5. apply business analytic methods in practice, to real-life problems and adapt the models to specific business contexts and questions arising in business
- LO6. communicate analytical findings using adequate optimisation methods and appropriate technical, as well as layman’s, language.
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