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ØKA2011/1 Introduction to Management Science


Knowledge (upon completion of the course, the student shall):

  • Have a wide knowledge of areas where management science techniques are heavily used both within public and private sector
  • Refer to important research results within specific areas covered in the course
  • Translate practical problems into quantitative models that are solvable with spreadsheets
  • Justify the choice of various models on the basis of specific criteria
  • Discuss strengths and weaknesses of using quantitative models for decision support in practice.


Skills (upon completion of the course the student shall be able to):

Find optimal solutions for linear programming models by graphical solutions, calculations, and by the use of spreadsheets

  • Interpret the results and important concepts from solution reports from such models
  • Replicate real business situations by the use of Monte Carlo simulation
  • Analyze uncertainty in various projects based on the results from Monte Carlo simulations
  • Choose appropriate forecasting models for data with various properties
  • Making forecasts for time series variables in a spread sheet using appropriate modelling techniques
  • Calculate the accuracy of forecasts with several accuracy measures
  • Evaluate the performance of various forecasting techniques on the basis of the accuracy measures
  • Calculate optimal order quantity, total costs, and reorder point given several different assumptions


General competence (upon completion of the course the student shall be able to):

  •  Assess what needs various businesses might have for management science techniques
  • Assist in the development and use of appropriate management science techniques in a given corporation


This course introduces quantitative models that can be used to solve decision problems within various corporations. Spreadsheets (Microsoft Excel) will be actively used both in teaching and in mandatory hand-ins. The course is divided into four main parts. These are: 

  • Linear Programming Models
  • Simulation Models
  • Forecasting Models
  • Inventory Models

The workload is approximately the same for all four main parts. 

Arbeids- og undervisningsformer

Lectures, problem solving, individual and group work with mandatory hand-ins. 

Obligatoriske krav som må være godkjent før eksamen kan avlegges

Mandatory hand-ins that must be passed in order to be allowed to take the exam. Specific form, number and other details will be announced during course start-up.  


Four hours written exam (in English) under attendance. 


Tillatte hjelpemidler til eksamen

Calculator that meets the requirements for the use of calculator at the business education at Lillehammer University College. Updated guidelines are available and will be distributed at start-up each year.