• MGMT2013
  • Management Science

  • Credits (ECTS): 5
  • Accounting and Finance
  • Available on Programme(s): DT366

Modules are delivered
as part of a programme.
To apply for the
see the DIT website

Module Description

In this module students are introduced to a range of Management Science techniques. The applications of these techniques are explored using the problem scenario approach.

Module Aims

To provide the student with a sound conceptual understanding of the role that Management Science plays in the decision-making process, to equip the student with a set of Management Science techniques and to demonstrate their use by application to decision making problems.

Indicative Syllabus

Decision Analysis: Structuring the decision problem, pay-off tables and decision trees. Decision rules without probabilities??Minimax, Maximum, Maximax. Decision rules with probabilities???.Expected value approach. Sensitivity Analysis. Decision analysis with sample information and posterior probabilities. Value of perfect information, value of sample information.
Introduction: The Management Science approach; problem definition, model formulation, data selection, solution, implementation.
Inventory Management: EOQ model, production lot-size model, quantity discounts, planned shortages. Stochastic models: re-order point with uncertain demand, determination of optimum safety stocks.
Linear Programming: Problem formulation. Graphical solution. Solver solution. Solution interpretation and sensitivity analysis. Applications.
Project Scheduling: Drawing the network. Calculation of event times and floats, determining the critical path. PERT and uncertainty. Resource scheduling and Gantt charts. Crashing and associated costs.
Simulation: Building a simulation model. Simulation with stochastic systems, generating random inputs. Simulation of inventory and queuing systems. Decision making. Spreadsheet simulation using Excel.

Total Contact Teaching Hours:39
Class Size:60

Please note that the catalogue is provided as a guide to modules in DIT. Not all modules listed will necessarily be offered every year and new modules may also be added. Information subject to change. For detail on specific programmes/modules please contact the relevant School directly.