Modeling of Processes and Systems

2020/2021

Academic Year

ENG

Instruction in English

3

ECTS credits

Delivered at:

Department of Business Informatics

Course type:

Compulsory course

When:

3 year, 4 module

Course Syllabus

Abstract

Management science deals with decision making within a managerial context. It encompasses a number of systematic approaches to making decisions in problems often encountered by managers. In the modern world, intuition in decision making can be an unsafe guide. The distinctive feature of management science is the construction of an explicit, simplified model of relevant aspects of the decision making situation under study. Such models are often based on quantitative mathematical approaches, but may at times have a more qualitative character.

Learning Objectives

• • enable students to see that many managerial decision-making situations can be addressed using standard techniques and problem structuring methods
• • provide a comprehensive and concise introduction to the key techniques and problem structuring methods used within management science that are directly relevant to the managerial context
• • enable students to see both the benefits, and limitations, of the techniques and problem structuring methods presented.

Expected Learning Outcomes

• be able to discuss the main techniques and problem structuring methods used within management science
• to be able to carry out simple exercises using such techniques and problem structuring methods themselves (or explain how they should be done)

Course Contents

• Problem structuring and problem structuring methods
  problem structuring methods such as JOURNEY (JOintly Understanding, Reflecting, and NEgotiating strategY) making, Soft Systems Methodology and Strategic Choice.
• Inventory control
  problems that arise in the management of inventory (stock); Economic Order Quantity, Economic Batch Quantity, quantity discounts, probabilistic demand, Materials Requirements Planning, Just-in-Time, Optimised Production Technology and supply chain issues.
• Markov processes
  approaches used in modelling situations that evolve in a stochastic (probabilistic) fashion though time; systems involving both non-absorbing and absorbing states.
• Mathematical programming formulation
  the representation of decision problems using linear models with a single objective which is to be optimised; the formulation of both linear programs and integer programs.
• Queueing theory and simulation
  the representation and analysis of complex stochastic systems where queueing is a common occurrence; M/M/1 queue; discrete event simulation

Assessment Elements

• Exam
• Homeworks
• Mock exam

Interim Assessment

• Interim assessment (4 module)
  0.35 * Exam + 0.3 * Homeworks + 0.35 * Mock exam

Bibliography

Recommended Core Bibliography

• An introduction to management science : quantitative approaches to decision making, , 2017
• Rational analysis for a problematic world revisited : problem structuring methods for complexity, uncertainty and conflict, Rosenhead, J., 2009

Recommended Additional Bibliography

• Taha H.A. Operations Research: An Introduction, 10-th Edition, Pearson Education Limited, 2017. – 849 p. – ISBN: 9781292165561