| CODE | MGT2031 | ||||||||
| TITLE | Operations Research | ||||||||
| UM LEVEL | 02 - Years 2, 3 in Modular Undergraduate Course | ||||||||
| MQF LEVEL | 5 | ||||||||
| ECTS CREDITS | 4 | ||||||||
| DEPARTMENT | Business and Enterprise Management | ||||||||
| DESCRIPTION | Rationale & Learning Objectives: • To introduce students to the basic operations research techniques used in commerce and business management; • To introduce students to the methodology of operations research, where the various techniques and their role in operations research study involving specific problem areas would be placed in perspective; • To introduce students to the use of EXCEL so that they can model and solve problems electronically. Indicative Syllabus & Study-unit Outline: • Linear Programming: Graphical Solution to a LP problem, LP applications involving equality constraints, inequality constraints, negative right-hand sides and minimization problems, Use of Excel to solve LP problems, and Sensitivity Analysis; • Project Management: AON network; PERT; PERT/Cost; Critical Path Method (CPM); Project crashing; and Use of Excel to solve project manangement problems; • Network Models: Minimal Spanning tree technique; maximal flow technique; shortest-route technique; use of Excel to solve network problems; • Inventory Analysis: The Basic-Economic Order Quantity (E0Q) model; The Production Order Quantity Model; the Quantity Discount Model, and the use of safety stock; • Simulation: Advantages and disadvantages of simulation, Monte Carlo simulation; simulation and queuing problems, simulation and inventory analysis, simulation of a maintenance policy, verification and validation, and the role of computers in simulation. Main Text/s and any supplementary readings: Main Texts: - Render, B., Stair, R.M., Hanna, M. E. & Hale, T.S. (2018) Quantitative Analysis for Management (13e, Global Edition). Harlow: Pearson Education Ltd. Supplementary Readings: - Anderson, D.R., Sweeney, D.J., Williams, T.A., Camm, T.A., Cochran, J.J., Fry, M.J. & Ohlmann, J.W.(2016) An Introduction to Management Science: quantitative Approaches to Decision Making (14e). Boston: Cengage Learning. - Taylor. B.W. (2019) Introduction to Management Science (13e). Boston: Pearson. |
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| RULES/CONDITIONS | Before TAKING THIS UNIT YOU MUST TAKE EMA1008 AND TAKE EMA1009 AND TAKE EMA1100 AND TAKE EMA1200 | ||||||||
| STUDY-UNIT TYPE | Lecture | ||||||||
| METHOD OF ASSESSMENT |
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| LECTURER/S | Frank H. Bezzina |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2024/5. It may be subject to change in subsequent years. |
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