Course Description
A study of managerial decision-making processes using a decision-sciences approach. Topics include linear and integer models and decision analysis and their application in investment problems, media selection, market research, product mix, production planning, personnel scheduling and transportation design, among others. Special emphasis is on understanding the concepts and computer implementation and interpreting the results to write management reports.
Content Outline:
1. Introduction to decision sciences and its importance in the decision making process
2. Introduction to linear programming and the graphical method for two variable models. Optimality, infeasibility, and unboundedness.
3. Introduction to integer models.
4. Software tools, such as Excel Solver
5. Sensitivity analysis including changes in the objective function coefficients, and the right hand side of constraints
6. Application of linear programming to a various business problems such as: product mix, production planning, personnel scheduling, media selection, portfolio selection, location of facilities, distribution of products, assignment of personnel and problems involving fixed costs
7. Single server queuing; operating characteristics
8. Introduction to simulation and its application in business
9. Decision analysis: payoff tables and decision trees to structure problems involving uncertainty
Course Goals, Outcomes and Expectations
When you complete this course you should be able to:
1. Explain the role of decision sciences in managerial decision making processes
2. Identify the important characteristics, terms, and concepts of various decision environments
3. Explain the principles of model building and apply linear models for common business applications
4. Translate various business problems into linear programming models.
5. Use graphical methods and computer software to solve linear program problems.
6. Conduct sensitivity analyses for changing business conditions and understand managerial implications
7. Analyze portfolio selection, capital budgeting, media selection, and marketing research problems using the decision sciences approach
8. Analyze product mix, production planning, workforce assignment, and transportation (distribution) problems using the decision sciences approach
9. Explain how decision sciences approach can be used to make decisions under uncertainty
10. Analyze and describe the performance of queuing (waiting lines) systems
11. Explain the simulation process and its applications to different business areas
12. Compute results for different applications using computer software packages and interpret the results to make managerial recommendations.
13. Demonstrate the importance of teamwork and interpersonal skills in problem solving situations.
Prerequisites
MATH 111, Math 115 and basic computer skills.
Statistical Software
Microsoft Excel is required for this course.
Textbook
Taylor III, Bernard W. (2015). Introduction to management science (12th ed). Upper Saddle River, NJ:
Prentice Hall. ISBN-13: 978-0133778847; ISBN-10: 0133778843
Course Website
Material related to the course will be posted on Sakai. Students should make sure that they are able to access the Sakai course page by the end of first week of class.