Management science


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Management science

  1. 1. MBA SEM II (2011-13) MANAGEMENT SCIENCE FACULTY: Dr. VAIBHAV LOWALEKARCOURSE OBJECTIVE:Introduce students to some of the optimization techniques, methodologies and models used inManagement Science (Popularly Known as Operations Research) is a field of Applied Mathematicsthat uses mathematical methods to make rational decisions in solving a variety of optimizationproblems. Most OR techniques are used to solve large, complex problems in industry, business, scienceand technology, management, decision support and other areas and disciplines. The course is designedto provide students with experience in modeling, solving and analyzing problems using OperationsResearch.COURSE VISION:The students should be able to understand the importance of quantitative techniques in decision makingand use them effectively in different managerial situations.COURSE PEDAGOGY:Since Operations Research makes extensive use of statistical and mathematical methods, the pedagogywill mainly consists of Classroom Discussion, Examples on problem solving and group assignments.To facilitate the understanding of the subject video sharing (if needed), case discussion, small gamesand presentations will also be included.COURSE OUTCOMEBy the end of the course the student will acquire the following skills • Determine an appropriate modeling framework to real-world problems; • Develop O.R. models that consider the key elements of the problem; • Solve the models for optimal solutions; • Interpret the models solutions and infer solutions to the real-world problems.PREREQUISITES:Basic concepts of Statistics and Mathematics.
  2. 2. SCHEME OF MARKS (Internal Assessment)ATTENDENCE 25%ASSIGNMENTS (2) 15%PRESENTATION (1) 20%CLASS TEST (2) 15%MID TERM EXAM 25%TEXT BOOKS:T1 - Operations Research, S. D. Sharma, Kedarnath Ramnath & Sons. 14/eT2 - Quantitative Techniques in Management, Vohra, TMH, Latest EditionT3 - Operations Research, Gupta and Hira, S.Chand PublicationREFERENCE BOOKS:R1 - Operations Research Theory & Applications, J.K. Sharma, 3/e, MacmillanR2 - An Introduction to Management Science, Anderson, Sweeney, Williams, 11/e Cengage LearningR3 - Operations Research With C Programs, Kalavathy, 3/e, Vikas PublicationR4 - Operations Research, A B Rao, 4/e, Jaico Publishing House Web Resources for Management Science • =-0987654321234567890- • • (This site provides free excel add-ins to solve different OR problems) • • (Free Registration Required)
  3. 3. Module 1Title Introduction to Management Science (OR)Contents Definitions, Characteristics & Scope of OR, Modeling, Methodology of OR, Advantages, Limitations & Scope of OR in BusinessText T1 - Ch1, T2 - Ch1, T3 - Ch1,References R1 – Ch1, R2 – Ch1, R3 – Ch1, R4 – Ch1Presentation 3 groups of 3 students each will make a presentation on suggested topics from the module.Videos • Operations Research Analysts • Modern Times • i2 - Supply Chain Management For A Better World • OR in Sports - Formula IReadings 1. Operations Research-Contemporary Role in Managerial Decision Making (Agarwal & al., IJRRAS 3 (2) May 2010) 2. Application of Operations Research to Managerial Decision Making (Burton V. Dean, Administrative Science Quarterly Vol. 3, No. 3, Special Issue on Decision Making) 3. Application of O. R. to Marketing & Related Management Problems (John F. Magee, Journal of Marketing, Vol. 18, No. 4)No. of Sessions Four
  4. 4. Module IITitle Project Management through CPM / PERTContents Defining a Project and the basic objectives of a project. Network Analysis in Project – Critical Path Method (CPM) and Project Evaluation Review Technique (PERT).Text T1 – Ch25, T2 – Ch12, T3 – Ch14References R1 – Ch13, R2 – Ch10, R3 – Ch15, R4 – Ch8Videos Planning Christmas Party Using PERT/CPMAssignment Group of 3 students will submit an assignment based on their Summer Internship Programme.Readings 1. PERT/CPM: A Tool for Project Management (Wolf and Hauck, Industrial management, Vol. 27, No. 1, IIE, 1985) 2. Critical Path Analysis for new Product Planning (Yung Wong, Journal of Marketing, Vol. 28, No. 4) 3. Case Study : Using CPM or PERT in time planning ( time-planning--control) 4. Program Evaluation and Review Technique (PERT) and Critical Path Method (CPM) Applications ( 3 groups of 3 students each will make a presentation on suggested topics from the module.No. of Sessions Eight
  5. 5. Module IIITitle Decision Theory & Game TheoryContents Decision making under uncertainty and risk. Game theory, two persons zero sum games; saddle Point, Dominance Rule, and Mixed Strategy Games. Graphical Solution. Using Decision Trees to make decisions.Text T1 – Ch18, Ch19, T2 – Ch13, Ch15, T3 – Ch9References R1 – Ch11, Ch12; R2 – Ch14, R3 – Ch21, R4 – Ch10Videos • Game Theory on a British Game Show! • How to Buy a Car, Using Game TheoryTest A test based on Module I, II and III will be held at the end of module IIIReadings 1. Use of Decision Theory in Regional Planning ( 2. The Prisoners Dilemma ( 3 Groups of 3 Students each will make a presentation on topics provided by the instructor.No. of Sessions Eight
  6. 6. Module IV Title Linear Programming Problem (LPP)Contents General LPP, Standard and Canonical Forms of LPP, Basic Concepts, Model Formulation, Graphical solution of solving LPP, Duality in LPP and Sensitivity Analysis. Using MS Excel.Text T1 – Ch3, Ch7, Ch9, T2 – Ch2, Ch4, T3 – Ch2, Ch6References R1 – Ch2, Ch3, Ch5, Ch6, R2 – Ch2, Ch3, Ch4Readings 1. Applications of LP – Case Studies ( 2. Applications of Linear Programming ( 3. Student Dormitory Development Plan with LP Method ( with-linear-programming-method-pdf-d152690894) 4. A Linear Programming Problem – High Step Shoes ( Group of 3 students will submit an assignment based on their Summer Internship Programme.Presentation 3 Groups of 3 Students each will make a presentation on topics provided by the instructor.No. of Sessions Eight
  7. 7. Module VTitle Transportation ProblemContents Basic concept, North – West corner method, Row minima method, Column minima method, Least cost method, Voggel’s Approximation method. MODI method and Special Cases. Using MS Excel to solve the TP.Text T1 – Ch12, T2 – Ch5, T3 – Ch3References R1 – Ch9, R2 – Ch7, Ch9, R3- Ch8, Ch9, R4 – Ch3Readings 1. Transportation Problem: A Special Case for Linear Programming Problems ((Reeb and Leavengood, June 2002, Oregon State University) 2. Experimental Analysis of some variants of VAM (Asia Pacific Journal of Operational Research Vol. 21, No. 4 (2004) 447-462)Presentation 3 Groups of 3 Students each will make a presentation on topics provided by the instructor.No. of Sessions Six Module VITitle Assignment and Sequencing ProblemContents Assignment Problem – Basic concepts, Hungarian method of solving assignment problem, LP Formulation. Using MS Excel to solve the Assignment Problem. Sequencing Problem, Processing n Jobs through k machine(s). Johnson’s Algorithm.Text T1 - Ch12, Ch24, T2 - Ch5, Ch8, T3 – Ch4, Ch5References R1 - Ch10, Ch22, R2 – Ch7, R3 – Ch9, Ch14, R4 – Ch4Videos • Operations Management • Visa PowerReadings 1. Scheduling Programming Activities and Johnsons Algorithm ( A Test based on Modules IV, V and VI will be held at the end of Module VI.No. of Sessions Eight