The module looks at the operations strategic objectives; Operations strategy; Design; Planning and control; Improvement; Deterministic and stochastic inventory models Inventory control; Supply chain management; Facility location; Project management; Total quality management and Just-In-Time (JIT.

The module covers elements of stochastic processes; Discrete and Continuous time Markov Chains; Markov processes; Birth and Death processes; Stationary processes; Brownian motion and renewal processes.

The module explores principles of experimental design; Completely randomised designs; Randomised block designs; Balanced incomplete block designs; Latin square and crossover designs; Factorial designs; Fractional factorial designs; Response surface methodology; Nested designs; Split-plot designs; Repeated measures designs; Analysis of covariance; Quality control and Reliability.

The module highlights advanced linear programming; Non-linear programming algorithms; Classical optimisation theory: unconstrained and constrained problems; Dynamic programming; Global optimisation techniques and tabu search. Emphasis will be on solving practical problems using tabu search.

The module examines discrete event simulation; Systems dynamics; Simulation software Sampling methods; Model testing and validation.

The module outlines management information and information systems; Information and techniques for providing information: database; Fast cycle systems; Fast cycle data entry; Networks and electronic data interchange; Communication networks-standards, applications and techniques; Expert systems; Determination and implementation of an information strategy: determining strategy, information technology tactics; Internal control and security; Information for business management; Processing by computers; Design of a database; Administration of a database; Data preparation, coding and validation; Design implementation, testing conversion and evaluation; Office automation; Executive and decision support systems.

The module looks at spreadsheet Modelling: Spreadsheet as a tool to support the development of quantitative models; Development of spreadsheet models to support: linear and integer programming, allocation of scarce problems, queuing theory and simulation; Programming simple macros within Excel; Use of management science packages: TORA and MSCI; Visual Basic Programming: Appreciation of the principles behind the structuring and execution of computer programs; Write simple Visual Basic programs; Creating a windows user interface; Planning the design of an application and processing user input.

The module looks at Case studies; Presentation skills; Report writing skills; Problem structuring methods: Soft Systems Methodology (SSM), Strategic Options Development and Analysis (SODA) and Strategic Choice (SC).

The module emphasizes multiple regression modelling; Binary choice models, multiple discrete choice models and limited dependent models; Time series analysis: ARIMA, ARMA and VARMA models.

The module examines arbitrages and equivalent Martingale measures; The one period model; Multi period models; The continous model; Hedging and completeness; Self financing portfolios; Attainability of a claim; Complete markets; Ito representation theorem; Girsanov’s first theorem; Option pricing; European options; American options; The Black Scholes option pricing formula; Optimal portfolio and stochastic control; Stochastic control theory; The Hamilton-Jacobi-Bellman equation; Girsanov’s second theorem and the Levy characterization.

The module covers Classical Optimisation Theory: unconstrained and constrained optimization, necessary and sufficient conditions, equality and inequality constraints, Hessian, Lagrange and Jacobian methods; Algorithmic methods to include: steepest descent and ascent, Newton’s method, conditional gradient and subgradient optimization, interiorpoint methods, penalty and barrier methods; Global optimization: neighbourhood search techniques, metaheuristics, simulated annealing and tabu search and applications to business management.

 

The module explores Business Management: The Business world and the community, Needs and need satisfaction, Business practice and social responsibility, Establishment of a business organization, Drawing up of a business plan, Importance of a business plan, Importance of the environment, General management: importance of management, levels of management; Functional management of organizations; Consulting Skills: Skills required in practical consulting, covering elements such as: What is Operations Research from the point of view of the clients? Problem structuring- immediate feedback to client-importance of eliciting values; who is the client? The consultant’s role in context-sponsor, client, partner, significant actors, politics of OR; Interviewing skills; Proposal preparation, covering costing and making proposals.

The module is an introduction to network models, computational complexity and data structures, Graph search algorithms, Transformations and flow decomposition, Shortest paths: label setting algorithm, the radix heap algorithm, label connecting algorithm; Basic algorithms for the maximum flow problem, Combinatorial applications for maximum flows, Preflow push algorithms, the global min cut algorithm; Minimum cost flows: Basic algorithms, the successive shortest path algorithm, the network simplex algorithm, minimum cost spanning trees, generalized flows and multi-commodity flows.

The module covers supply chains, Enterprise resource planning, Inventory management, Picking, dispatching, assignment, delivery; Capacity management; Data analysis and business Statistics; Information and data management.

The module looks at the sequence of scheduling activities; Aggregate planning; Master scheduling; Scheduling services; Maintenance; Material requirements planning and applications to business management.

Research Projects may be carried out on an individual basis. The research project normally involves work with some outside organization. The research projects test students’ ability to organise, complete and report on a significant piece of Operations Research and Statistics.