Aims and Fit of Module

The aims of this module are:
to make students appreciate the importance of mathematical methods to Management Sciences;
to introduce a range of models and techniques for solving problems under risk and uncertainty in Business, Industry, and Finance.
to train the students' ability to think logically and independently and to acquire the skills of problem solving.

Learning outcomes

A. Establish a good understanding of the basic ideas of Operational Research. B. Use mathematical methods to make acceptable (optimal) decisions in deterministic and probabilistic framework. C. Understand the methods of simulation of uncertain systems. D. Demonstrate competence in the mathematical formulation of real life problems. E. Recognize the most appropriate solution technique for a given problem. F. Build competence in drawing and analyzing decision trees, analyzing standard queuing systems, simulating discrete events, building optimization models and developing solutions using classical methods. G. Analyze the data available and interpret the results obtained using mathematical methods. H. Show experience and enhancement of independent learning and problem design/solving skills.

Method of teaching and learning

This module will be delivered by a combination of formal lectures and tutorials.