Course Details

Course Information Package

Course Unit CodeABSO305
Course Unit Details
Number of ECTS credits allocated5
Learning Outcomes of the course unitBy the end of the course, the students should be able to:
  1. Draw, understand network diagrams and apply critical path analysis and project scheduling with fixed or uncertain activity times.
  2. Apply crashing activity times using linear programming models for the crashing decisions.
  3. Understand and explain decision tree analysis -tree diagrams and payoff tables. Apply and analyse decision making without probabilities (optimistic, pessimistic and minima regret approaches)
  4. Apply and interpret decision making with probabilities and perform sensitivity analysis. Calculate and explain the expected value of perfect information
  5. Understand Game theory. Matrix games, strategies, optimum strategies and the value of the game. Strictly determined games. 2X2 matrix games. 2xM and Mx2 games.
  6. Understand, apply and interpret Inventory control systems, EOQ model, Economic production lot size, and Inventory models with planned shortages.
  7. Apply, analyse and synthesize the above concepts in business related problems.
Mode of DeliveryFace-to-face
Recommended optional program componentsNONE
Course Contents

Network diagrams, critical path analysis, project scheduling with certain and uncertain activity times. Economic and time programming.

Considering Time-Cost trade-offs.  Crashing activity times.  Linear programming models for crashing decisions.

Decision tree analysis -Tree diagrams and payoff tables. Decision making without probabilities (optimistic, pessimistic and minima regret approaches), Decision making with probabilities.  Sensitivity analysis.  Expected value of perfect information.

Game theory.  Matrix games, strategies, optimum strategies and the value of the game.  Strictly determined games.  2X2 matrix games.  2xM and Mx2 games.  Graphical method, MxM games.

Inventory control systems, EOQ model.  Economic production lot size.  Inventory models with planned shortages.  Quantity discounts for the EOQ model

Recommended and/or required reading:
  • Anderson D., Sweeney D. Williams T., An Introduction to Management Science, South-Western Publications.
  • Taylor B.W., Introduction to Management Science, Prentice Hall
Planned learning activities and teaching methodsThe course is delivered to the students by means of lectures, and tutorials. Lecture notes are available through the e-learning platform of the University, and the instructor’s webpage. Students are encouraged for class work, problem solving and discussion.
Assessment methods and criteria
Test 120%
Test 220%
Final Exam60%
Language of instructionEnglish
Work placement(s)NO

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