Management is a combination of art and science. The aim of this course is to study the use of a scientific approach to managerial problems to assist managerial decision making. As business problems become increasingly complex, managers need to approach decision making systematically and analytically. The methods covered in this course provide such a useful framework and techniques for structuring and solving a variety of decision problems. The focus of the course will be on model building and analysis. The use of computer based solution tools will be emphasized throughout the course. Students will be expected to structure business problems as decision models, solve models using the prescribed software and interpret the computer-generated solutions.
Topics covered in the course include decision making under uncertainty and risk, use of optimization models for business decisions, forecasting techniques, waiting line management, applications in business processes design and analysis and inventory control, simulation techniques for making complex management decisions, etc.
Examples and cases drawn from accounting, finance, marketing, operations management, and other management functions will be widely used in the discussion. As part of the course, students will be required to complete a group project designed to apply the decision tools discussed in the course to a real life business problem.
Comments
While being categorized under business, i felt this module was more math and logic than business. this module teaches you how to use the solver tool on ms excel which can be applied to a lot of issues mentioned above. the decision-making aspect is mainly about the optimization of resources.
Programme: BUS
Management is a combination of art and science. The aim of this course is to study the use of a scientific approach to managerial problems to assist managerial decision making. As business problems become increasingly complex, managers need to approach decision making systematically and analytically. The methods covered in this course provide such a useful framework and techniques for structuring and solving a variety of decision problems. The focus of the course will be on model building and analysis. The use of computer based solution tools will be emphasized throughout the course. Students will be expected to structure business problems as decision models, solve models using the prescribed software and interpret the computer-generated solutions. Topics covered in the course include decision making under uncertainty and risk, use of optimization models for business decisions, forecasting techniques, waiting line management, applications in business processes design and analysis and inventory control, simulation techniques for making complex management decisions, etc. Examples and cases drawn from accounting, finance, marketing, operations management, and other management functions will be widely used in the discussion. As part of the course, students will be required to complete a group project designed to apply the decision tools discussed in the course to a real life business problem.