21742 Quantitative Management

Subject level: Postgraduate

Handbook description

This subject provides an introduction to the application of operations research and mathematical modelling techniques to the solution of business problems. The practical application of the various techniques is stressed. Hands-on experience is gained through the use of computer software packages. Topics covered include: a revision of basic statistics; project management (CPM/PERT); decision models; simulation techniques; linear programming; statistical quality control; game theory; and inventory management.

Subject objectives/outcomes

On successful completion of this subject students should be able to:

1. Understand the role of quantitative tools in general.
2. Apply Quantitative Management methods to both public and business decision-making.
3. Understand the use of Quantitative Management tools to solve problems in the Operations Management field.

Contribution to graduate profile

This subject allows students to learn how the computer and technology has led to the recognition of the value of a more formal approach to problem-solving and the acceptance of a generally more scientific approach to management. The emphasis is on the practical rather than the theoretical. Students develop a fundamental knowledge of quantitative models by examining the most widely used techniques and relating their uses to decision making. Students acquire experience of Quantitative Management tools to solve real-life problems via the use of examples, applications and case studies. Through the use of computer modeling students also learn how to use business technology to monitor issues, problems and opportunities affecting business.

Teaching and learning strategies

This subject will be taught using a combination of lectures and computer lab work. Computer software packages will be demonstrated and it is expected that students will use these extensively for solving assignments' problems, projects and for weekly homework. Students will also use the recommended reading and references as an aid to their learning.

Content

• Project Management
• Inventory Control Models
• Linear Programming: Problem formulation, graphical method, the simplex method, computer solutions, sensitivity and duality
• Decision Models and game theory
• Introduction to Queuing Theory, Job Shop Scheduling
• Introduction to simulation.

Assessment

Assessment item 1: Assignment (Individual)

Assessment item 2: Assignment (Individual)

Assessment item 3: Computer Exercise and Essay (Individual)