Module 1

Module 1: Linear Programming (10 hours)

1. Introduction to Management Science
2. Linear Programming: Basic Concepts & Graphical Solution
3. Linear Programming: General Applications
4. Linear Programming: Applications in Marketing
5. Linear Programming: Application in Finance
6. Linear Programming: Application in Operations Management

Module 2

Module 2: Advanced Linear and Nonlinear Optimization Models (10 hours)

1. Transportation & Transshipment Problem.
2. Assignment Problem
3. Shortest route & Maximal Flow Problem
4. Nonlinear Optimization models

Module 3

Module 3: Decision Models and Application (10 hours)

1. Waiting line models
2. Simulation
3. Decision Analysis – Decision Making without probabilities.
4. Decision Making with probabilities.
5. Decision analysis with Sample Information
6. Markov Processes.

Course Description

Management science is a scientific approach to make decisions in real world problems in a wide verity of managerial functions such as planning, organizing, staffing, directing and controlling process. Decision making is an essential process of every manager and it would conceivably affect every segment of the organization. The complexity of decision making is rapidly increasing under uncertain and risky situations. Also, it depends upon many factors like resource constraints in organization, technological constraints, business competitiveness, political, economic and environmental impacts. Quantitative analysis has become an integral part of the logical approach to management science and helps managers to identify the decision factor which helps and positively influences to resolve the complexity of decision making. This course is designed for imparting knowledge and skills in the applications of prescriptive data analytics.

Decision Models in Management course is organized in three modules. The course opens with the introduction of management science modelling and spread sheet applications. It then focuses on the basic concepts of linear programming and its applications in various managerial problems, followed by second module focus on transportation, transshipment, assignment problems, network models such as shortest path problem, maximum possible flow and optimization of nonlinear models. The excel solver tool applications sessions are run along with the theory to reinforce the learning from the class using case problems. The final module focuses on the decision theory for handling problems that have multiple alternatives and discrete set of possible outcomes and Markov analysis for studying the evolution of systems over repeated time periods, analysis of waiting line models and simulation of real system by experimenting with a model.

Course Outcomes & Learning Levels

The course aims to impart learning that is required for a student to be a competent business professional and contribute value in a business/organization in his/her early career. It is divided into three modules with distinct learning outcomes for each. On completion of this course, students will be

1. Able to formulate a real-world problem as a management science model and how to interpret the results of those models (Create)
2. Able to recognize the various kinds of managerial problems and apply the appropriate quantitative analytical tools to solve those problems (Analyze)
3. Able to use the prescriptive data analytics tools and techniques, in critical thinking especially in managerial decision making in organizations (Evaluate)

Evaluation Pattern 

*Based on assignments / Tests / Quizzes / Case Studies / Project / Term paper / Field visit report. 

Course Text

1. Anderson, D.R., Sweeney, D.J., Williams, T.A., Martin, K., ‘An Introduction to Management Science: Quantitative Approaches to Decision Making,’ 14^th edition, Cengage Learning India Private Limited, 2019.

Reference Books

1. Vohara, D. ‘Quantitative Techniques in Management’, 4th edition, Tata McGraw Hill Education Private Limited, New Delhi. 2010.
2. Gupta, M.P and Khanna R.B, ‘Quantitative Techniques for Decision Making’, 4^th edition, PHI Learning Private Limited, New Delhi, 2011
3. Hiller, S and Hiller, M.S, ‘Introduction to Management Science’, 6^th edition, special Indian edition, Tata McGraw Hill Education Private Limited, New Delhi. 2019.
4. Stevenson, J.W and Ozgur, C, ‘Introduction to Management Science with Spreadsheets’, First Indian edition, McGraw Hill Education (India) Private Limited, New 2007.