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
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.