GSB 742 Introduction to Management Science
In this unit we learn how to use mathematical techniques to solve complex business problems, with the aid of computer programs. For example, these techniques could be used by a manager of a grain transportation company that is required to transport grain from a number of country silos along various alternate routes to a port. The manager would collect information on the capacities and costs of the various routes and use these methods to identify the minimum cost way of transporting the grain to the port. Another example of how these techniques can be used is of a supermarket manager who uses information on the costs and capacities of checkouts to identify the optimal number of checkouts to open at various times of the day, so as to minimise costs and minimise customer waiting time.
We focus on solving practical problems in this unit. We focus on how to convert a management problem into a set of mathematical equations, so that the problem can then be solved using a computer program.
There are no formal prerequisites for this unit; however, a good knowledge of high school mathematics is assumed. The mathematical methods used in this unit include: linear programming, goal programming, integer programming, transportation problems, inventory models, network models, project scheduling, decision theory, queuing theory, Markov analysis, efficiency measurement, and simulation.