

QUANTITATIVE MANAGEMENT


Second year


Quantitative Management 214 Networks
First Semester  Credits: 16
Definition, development and testing of quantitative models. Optimisation of network models (minimum spanning tree, shortest and longest routes, maximum flow and minimum cost network flow problems). Project scheduling (PERT and CPM). Introduction to routing (travelling salesman and Chinese postman problems). Location of facilities (median problems, centre problems and problems with restrictions). Problemsolving with applicable software.


Quantitative Management 244 Introduction to Optimisation and Modelling
Second Semester  Credits: 16
Linear programming (revision, graphical methods, simplex algorithm, duality and sensitivity). Modelling with linear programming. Transportation (modelling, transportationsimplex algorithm). Deterministic inventory control (ABC analysis, economic order quantity, quantity discounts, nonzero lead time, continuous production models, back orders). Problem solving with applicable software.


Quantitative Management 318 Optimisation and Decision Theory
First Semester  Credits: 24
Optimisation: Integer programming (modelling of 01, integer and mixed integer problems, branchandbound method). Nonlinear programming problems. Assignment and transhipment problems. Goal programming. Dynamic programming (formulation and solution using networks).
Decision Theory: Decision analysis (basic concepts, risk and uncertainty, multicriterion decision analysis, breakeven analysis, marginal analysis, decision trees, utility theory, sensitivity analysis). Game theory. Financial and economic investment planning (principals of interest calculations, nominal and effective interest rates, evaluation methods and selection measures, replacement decisions). Decision trees and linear programming models in financial decision theory.


Quantitative Management 348 Production and Stochastic Modelling
Second Semester  Credits: 24
Production Modelling: Introduction to forecasting (revision of the methods of Holt and Winter, and linear regression). Computer applications of forecasting. Quality control (central limit theorem, confidence intervals, control charts). Applications in the manufacturing and service sectors. Production scheduling. Supply chain coordination, MRP, JIT. Problemsolving with applicable software.
Stochastic Modelling: Markov analysis (states, matrix of transition probabilities, equilibrium conditions). Queuing theory (modelling of arrival and service processes, birthdeath processes, single and multiple service points, finite population, constant service times). Simulation (random numbers, Monte Carlo simulation, discrete event simulation, analysis of simulation output). Simulation of inventory and queuing models. Application with spreadsheets and simul8.




