Management Science (MS) deals with the application of analytical models to help make better decisions. The terms Operations Research and Business Analytics are sometimes used as synonyms for MS. MS covers a wide range of problem-solving and mathematical modelling techniques that help managers to improve decision-making and efficiency.
This course focuses on MS methods based on mathematical optimization such as Linear Programming, Mixed-Integer Linear Programming and Non-Linear Programming. These methods are introduced through applications in, for instance, production planning & scheduling, logistics, marketing and finance. The course also introduces approaches for modelling uncertainties and multiple decision objectives in optimization models.
Basic skills in spreadsheet software.
3. LEARNING OUTCOMES
After the course the student can (i) recognize the types of real-life business decision problems where use of the models brings added value, (ii) interpret results of these models to derive defensible decision recommendations, and (iii) build and solve these models using spreadsheets to support business decision making.
4. ASSESSMENT, GRADING, EXAM FEEDBACK
Final points consist of exam point (50%) and assignment points (50%). The final points determine the course grade as follows: >50p -> 1, >60p -> 2, >70p -> 3, >80p -> 4, and >90p -> 5, with the exception that at least half of the exam points are required to pass. These bounds maybe relaxed during final grading.
There are three assignments with deadlines on roughly the second, fourth and sixth week of the course. Each assignment consists of several problems or cases, which usually require the use of spreadsheets or other mathematical software to solve.
On this course peer assessment will be used for grading the assignments, i.e. students will assess each others' assignments. This assessment work will earn the students assignment points that will be added to points from assignment submissions.
The total points are not equal for all three assignments.
Lecture and assignment material, and the textbook: An Introduction to Management Science by Anderson et al. (2010, ISBN Code: 978-1111532222, 2014, ISBN Code: 978-1-111-82361-0).
Lectures by MSc Lauri Neuvonen: 2-3 hours on most Mondays and Wednesdays (see detailed schedule on MyCourses) .
Exercise sessions by MSc Teemu Seeve: 1h after most lectures (see detailed schedule on MyCourses).
8. COURSE WORKLOAD
9. ETHICAL RULES
10. OTHER ISSUES
Register to course in MyCourses. Course materials excluding the text book are distributed in MyCourses.