| CODE | MGT5204 | ||||||||
| TITLE | Management Science and Decision Analysis | ||||||||
| UM LEVEL | 05 - Postgraduate Modular Diploma or Degree Course | ||||||||
| MQF LEVEL | 7 | ||||||||
| ECTS CREDITS | 5 | ||||||||
| DEPARTMENT | Business and Enterprise Management | ||||||||
| DESCRIPTION | This study-unit provides a formal study and application of various management science techniques that have been applied successfully to solve problems and enhance decision making in business, government, healthcare, education and many other areas. The emphasis is on model building and computer applications rather than the mathematical details of the algorithms. Successful uses and stories on the applications of such management science techniques will be discussed through case studies to provide additional challenging applications. The following topics will be covered: - The Management Science Approach; - Decision Analysis; - Forecasting (models for trends, seasonal variations and random variations); - Linear, Integer, Goal and Nonlinear Programming; - Transportation and Assignment Models. Study-unit Aims: This study-unit aims to provide a solid foundation in management science modelling to help students understand how such applications can be applied in the business world to better guide decision making. Learning Outcomes: 1. Knowledge & Understanding By the end of the study-unit the student will be able to: - master the core concepts of Management Science and Decision Analysis; - implement successfully such concepts in business and other decision-making environments; - employ enhanced analytical thinking and problem-solving skills to address specific problems; - employ enhanced levels of critical thinking. 2. Skills By the end of the study-unit the student will be able to: - formulate and solve problems using the management science techniques covered in the study-unit; - apply computers and spreadsheets to solve quantitative analysis problems; - conduct sensitivity analysis; - make effective decisions using the principles of management science. Main Text/s and any supplementary readings: Main Text: - Render, B. Stair, R.M., Hanna, M.E. & Hale, T.S. (2018) Quantitative Analysis for Management (Global edition). Harlow: Pearson. Supplementary Readings: - Anderson, D.R., Sweeney, D.J, Williams, T.A, Camm, J. Cochran, J.J., Fry, M.J. & Ohlmann, J.W. (2015) An Introduction to Management Science: A Quantitative Approach to Decision Making (14e). Boston: Cengage Learning. - Taylor, B.W. (2019) Introduction to Management Science (13 edition). Boston: Pearson. |
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| STUDY-UNIT TYPE | Lecture | ||||||||
| METHOD OF ASSESSMENT |
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| LECTURER/S | Frank H. Bezzina Vincent Marmara |
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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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