ms lecture00 outline sem2 2011

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OPIM 101 Management Science Sem 22011/2012 1

OPIM 101

Management Science

Outline


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Marcus Ang

Office:

Lee Kong Chian School of Business,

Level 4, Room 4040

Tel: 6828 0703

Email: [email protected]


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OPIM 101 Management Science

What is management science (MS)?

Course Objective & Prerequisite & Textbook

Course assessment

Important Dates

What you can expect from the course


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What is Management Science ?

With the intent of achieving desired ends, MSworkers then apply these results to problemsin the reality from which the observations

emerged.

A scientific approach to decision making, which seeks to determine

how best to design and operate a system, usually under conditions

requiring the allocation of scarce resources.

It is also known as Operations Research.


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MS methods

Optimization

Linear programming

Nonlinear programming

Combinatorialoptimization

Dynamic programming

Network/transportation

Scheduling

Forecasting

Game theory

Stochastic modelling Markov chains

Queueing

Simulation

Examples of MS

Applications Capital budgeting

Portfolio optimization

Risk management

Credit scoring

Option pricing

Patient flow modelling

Supply chain optimization

Marketing channeloptimization

Campaign optimization

Production planning Facility location

Vehicle routing

Inventory management


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Other examples:

Source: http://www.scienceofbetter.org/

Continental Airlines applied OR to revise crewschedules during the Sept. 11 terrorist crisis. Thesavings were estimated at $40 million in 2001 alone.

AT&T applied OR to plan emergency rerouting ofvoice, data, wireless and satellite communicationsystems. Efficient allocation of resources woncustomer loyalty, increased revenue and savedhundreds of millions of dollars.


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Other examples:

Samsung used OR to reduce manufacturing times tocapture an additional $1 billion in sales ofsemiconductor devices.

Using OR, UPS redesigned its overnight deliverynetwork, saving $87 million and projecting anadditional $189 million savings over the followingdecade.

National Broadcasting Company (NBC) applied ORto improve advertising sales plans, increasingrevenues by some $200 million.


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Course Objective

This module introduces students to some of the basicconcepts and methods of management science.There is a strong focus on quantitative models:

- how they are created- how they are used- what kinds of insights they provide- the critical importance of managerial judgment in utilizing those

insights.

Computer applications, including the use ofspreadsheets and of many popular special-purposesoftware packages, are integrated throughout themodule.


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Prerequisite :

Students are assumedto have basic knowledge of probability,including familiarity with concepts such as: expected value,variance, Poisson and Normal distributions, and conditionalprobabilities.

Prior Working knowledge ofMicrosoft Excel is helpful, but NOTnecessary.

There will be one session for learning excel solving. Excel will be used in assignments.

No laptops are allowed in midterm/final exams, hence excel isnot used. However, interpretation of the excel results is tested.

Knowledge ofmatrix algebra and computer programming notassumed.


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Author : Bernard W. Taylor

Publisher : Pearson

ISBN : 9780132457576

Now available at SMU Booklink!

Introduction to

Management Science:

Global Edition 10th ed

Companion Website

http://www.pearsonhighered.com/taylor


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Questions on Textbook

I have the 9th Edition Taylor. Is it sufficient?

How about the Online version of thetextbook?

Where can I purchase the textbook?

Are there any cheaper alternatives other thanpurchasing the textbook? Any

disadvantages?



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Tentative Schedule

Tuesday, Jan 24th is a holiday. The makeup class isofficially on Sat 4th Feb.

Term Week Schedule Reading Materials Event Week

Term 1

1 Intro to MS, Modelling Intro to LP Chp 2,3,4 9-Jan-12

2 LP: Graphical Analysis LP: Sensitivity Analysis Chp 2,3,4 16-Jan-12

3 LP: Solving with Excel Excel Practice Chp 2,3,4 No Classes on Tues, 24/1. 23-Jan-12

4 Integer Program Assign Review Chp 5 Make up for Tues on Sat 4th Feb 30-Jan-12

5 Network Models Assign Review Chp 6,7 6-Feb-12

6 Network Flow Midterm Review 13-Feb-12

7 MIDTERM MIDTERM 20-Feb-12

8 RECESS RECESS RECESS 27-Feb-12

9 Network 2/ Newsvendor Assign Review Chp 16 5-Mar-12

10 Decision Analysis Decision Analysis Chp 12 12-Mar-12

11 Project Management Assign Review Chp 13 19-Mar-12

12 Project Management Assign Review 26-Mar-12

13 Exam Review Exam Review 2-Apr-12

14 Exam Preparation 9-Apr-12

15 Final Exam Tues. 24/1, 0830-1030 16-Apr-12


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Lecture Style

There will be a break of 10-20min every45min to 1 hour of lecture.

Tuesday - 12pm to 3:15pm, 7pm to 10:15pm

Wednesday - 7pm to 10:15pm

Thursday - 12pm to 3:15pm, 7pm to 10:15pm


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OPIM 101 Management Science Sem 22011/2012

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ASSESSMENT METHOD

Homework Assignments: 20%

Class Participation: 10%

Midterm Exam: 30%

Final Exam: 40%


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Assignments

6 homework assignments. A hardcopy of the assignment is to be submitted.

Late submission will be penalized.

Penalty depends on the situation. For example, thereis a 100% penalty if you submit the assignment 1 justbefore the final exam.


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Collection of Assignments

It is your responsibility to inform me if you didnot receive your graded assignment after theassignments are given out.

Eg. There will NOT be any verification ofmarks if you tell me your assignment 1 ismissing (due before 3rd week) on week 11.


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Do NOT misplace your assignments. They might be used to verify yourfinal grade for Assignment.


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Class/Course Participation Grading is like A BLACK BOX and challenging to me!

A more transparent grading procedure:

Average grade

Good

Poor

Attend Lecture regularly

Seldom attend classes

Skip mid-term/ final exam

Answer questions in class

Ask constructive questions in class.

Point out mistakes during lecture which will

affect the underlying theory/concepts.


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Class/Course Participation

If you have made any form of contributionduring class, email me during that week.

It is your responsibility to remind me.

Title of email: Class Participation


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MID Term Exam

To be scheduled on lecture 7 (lecture time).


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Final Exam

Important dates to remember:

24

th

April 2012,8:30am 10:30am

Venue to be decided by RO


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Final Grade

Based on the components as mentioned.

The final grade is based on relative marks.

The absolute grade is not important.

It is possible that Components A+,A+,A+,A+ but final

grade is A,or Components B,B,B,B but final grade is A


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How do I do well for the course?

Do Assignments. The assignments are the bare minimum thatyou should know to pass the course.

Clear any doubts as early as possible. Approach me or TAs forany clarifications.

Kennie ONG Zhi Hao

Vanessa NEO Siok Ting

GOH Chin Yan

VUONG Thi Thanh Van

TOK Pei Yi

Understand the concepts. Memorizing the answers is notadvisable.


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Consultation Hours

Wednesday 2pm-330pm. (tentative)

Feel free to email me any questions. In your

email, cc to your assigned TA.


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FAQ

I will upload a file with frequently asked questions.

You will find questions which I have answered overemails in the file.

Check it before you send me any questions as yourquestion may have been answered in the file.

More Effective!


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What You Can Expect From The

Course

Gain an overview of Management Science

Understand some of the important ideas andtechniques in Management Science

Formalize our intuition

Acquire framework to formulate problems

Appreciate the spreadsheet as a useful tool forproblem solving

Overall, should be a solid but not overly tough course


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Questions?

ms lecture00 outline sem2 2011

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