Business Application of Decision Science, management homework help

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OPRE 315-WB1: Business Application of Decision Science Summer 2016 Instructor: Jehanzeb Cheema, Ph.D. Time & location: Web (online) Phone: (410) 837-5107 E-mail: jcheema@ubalt.edu (best method of contact) Note: Please note that this syllabus is tentative and provided for guidance only. Expect changes during the course of the semester. Course Description A study of managerial decision-making processes using a decision-sciences approach. Topics include linear and integer models and decision analysis and their application in investment problems, media selection, market research, product mix, production planning, personnel scheduling and transportation design, among others. Special emphasis is on understanding the concepts and computer implementation and interpreting the results to write management reports. Content Outline: 1. Introduction to decision sciences and its importance in the decision making process 2. Introduction to linear programming and the graphical method for two variable models. Optimality, infeasibility, and unboundedness 3. Introduction to integer models 4. Software tools, such as Excel Solver 5. Sensitivity analysis including changes in the objective function coefficients, and the right hand side of constraints 6. Application of linear programming to a various business problems such as: product mix, production planning, personnel scheduling, media selection, portfolio selection, location of facilities, distribution of products, assignment of personnel and problems involving fixed costs 7. Single server queuing; operating characteristics 8. Introduction to simulation and its application in business 9. Decision analysis: payoff tables and decision trees to structure problems involving uncertainty Course Goals, Outcomes and Expectations When you complete this course you should be able to: 1. Explain the role of decision sciences in managerial decision making processes 2. Identify the important characteristics, terms, and concepts of various decision environments 1/4 3. Explain the principles of model building and apply linear models for common business applications 4. Translate various business problems into linear programming models. 5. Use graphical methods and computer software to solve linear program problems. 6. Conduct sensitivity analyses for changing business conditions and understand managerial implications 7. Analyze portfolio selection, capital budgeting, media selection, and marketing research problems using the decision sciences approach 8. Analyze product mix, production planning, workforce assignment, and transportation (distribution) problems using the decision sciences approach 9. Explain how decision sciences approach can be used to make decisions under uncertainty 10. Analyze and describe the performance of queuing (waiting lines) systems 11. Explain the simulation process and its applications to different business areas 12. Compute results for different applications using computer software packages and interpret the results to make managerial recommendations. 13. Demonstrate the importance of teamwork and interpersonal skills in problem solving situations. Prerequisites MATH 111, Math 115 and basic computer skills. Statistical Software Microsoft Excel is required for this course. Textbook Taylor III, Bernard W. (2015). Introduction to management science (12th ed). Upper Saddle River, NJ: Prentice Hall. ISBN-13: 978-0133778847; ISBN-10: 0133778843 Course Website Material related to the course will be posted on Sakai. Students should make sure that they are able to access the Sakai course page by the end of first week of class. Grading The overall grade is based on the following components: Homework 60% Simulation project 20% Final exam 20% Quizzes/exams are closed-book, cumulative, and will require use of a personal calculator. Homework and term project must be turned in before the start of lecture on due date. Late quiz/homework/term 2/4 project/exam will not be accepted. Make-up assignments (alternative problems with penalty) may be allowed at the discretion of the instructor under extraordinary circumstances. Final grades will be based on the following percentage scale: A 93-100 A– 90-92 B+ 87-89 B 83-86 B– 80-82 C+ 77-79 C 73-76 C– 70-72 D 66-69 F 0-65 Academic Calendar Please refer to University of Baltimore 2015-16 academic calendar for important dates during the semester including those related to holidays, last day to drop the course, midterm grade, final exam etc. . Reading day for the semester should be used to prepare for the exam. There will be no formal class on that day. Inclement Weather If class is canceled due to inclement weather, then material relevant to that class will be communicated through email and/or Sakai. Midterm Grades Students with grades below C should see the instructor after midterm grades are posted in order to determine whether or not they should continue with the course. Academic Dishonesty/Plagiarism Policy The Academic Integrity Policy for the Yale Gordon College of Arts and Sciences, College of Public Affairs and Merrick School of Business can be found at the following pages. Please read these carefully: Accommodation for Students with Special Needs Accommodation for students with special needs can be set up through the Center for Educational Access. For information please see . Resource Centers for Students Academic and counseling resources for students include but are not limited to: Achievement and Learning Center Langsdale Library Technology Services 3/4 The Counseling Center Office of Community Life and Dean of Students services/deanof-students/index.cfm> Sakai Support Phone: 1-855-501-0856 Academic Advisors – Please see your assigned advisor Calculator A calculator is required for the course and should be brought to each class meeting. Students are not allowed to use their phones as calculators during exams. MSB rubric The Merrick School of Business has adopted a set of assessment rubrics to provide feedback on student achievement about specific learning outcomes. The relevant rubric for this course is: Quantitative Problem-Solving Assessment Rubric (UG) . E-mail Policy: The university issued e-mail address (ubalt.edu) will be the one used for correspondence. Students are expected to check it regularly. Tentative List of Topics Textbook chapter Work due Introduction, Review of linear algebra 1 HW1 5/30 - 6/5 Linear programming: Graphical 2 HW2 3 6/6 - 6/12 Linear programming: Excel Solver 3 HW3 4 6/13 - 6/19 Sensitivity analysis 3 HW4 5 6/20 - 6/26 Simulation 14 HW5 6 6/27 - 7/3 Decision analysis 12 HW6 7 7/4 - 7/10 Integer programming 5 Simulation Project 8 7/11 - 7/17 Transportation problems 6 Final Exam Week Dates 1 5/24 - 5/29 2 Topic 4/4 ...
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