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This module aims to introduce to students the fundamental topics in operations research and develop students’ ability to solve a business problem using a mathematical model. Students can acquire the basic theories and techniques of linear programming, network optimization models and inventory models. Students are enabled to choose the appropriate techniques to suit a particular problem and appreciate the use of mathematical, computational and statistical techniques in solving real-world problems. Applications to business management are provided.
Upon completion of this module, students should be able to:
a. understand the basic concepts, theories and impact of operations research and their importance to the business community;
b. solve a real life business problem using a mathematical model;
c. adopt quantitative methodologies with/without the use of computer software to find the optimal solution of decision making problem; and
d. interpret the solution and convey the analytical results of business problems accurately.
1. Introduction
1.1 Origins, nature, and impact of operations research
1.2 Formulating a mathematical model
1.3 Deriving solutions from the model
1.4 Testing the model
1.5 Implementation
2. Linear programming
2.1 Models and assumptions
2.2 Graphical methods for two variables problem
2.3 Simplex method
2.4 Duality theory and sensitivity analysis
2.5 Optimality conditions
2.6 Applications
3. Network optimization models
3.1 Transportation and assignment problems
3.2 Shortest path problem
3.3 Minimum spanning tree problem
3.4 Maximal flow problem
3.5 Minimum cost flow problem
3.6 PERT and CPM
4. Inventory control
4.1 Components of inventory models
4.2 Deterministic models
4.3 Stochastic models
4.4 Applications
1. Assignments (20%)
2. Test (30%)
3. Examination (50%)
1. Anderson, D. R., Sweeney, D. J., Williams, T. A., Camm, J. D., Cochran J. J., Fry M. J. & Ohlmann J. W. (2016). An Introduction to Management Science: Quantitative Approaches to Decision Making (14 th ed.). Cengage Learning. *
2. Hillier, F. S., & Lieberman, G. J. (2015). Introduction to Operations Research (10 th ed.). McGraw-Hill.
3. Taha, H. A. (2017). Operations Research: An Introduction (10 th ed.). Pearson.
4. Winston, W. L. (2016). Microsoft Excel Data Analysis and Business Modeling (5 th ed.). Microsoft Press.
5. Winston W. L. & Albright S. C. (2016). Practical Management Science (5 th ed.). Cengage Learning.
