Duration: 5 Days

Tuition: $2,500

Date: April 7 - 11, 2008

Time: 9:00 AM - 4:00 PM

Audience: Professionals interested in a comprehensive overview of Management Science

                 with hands-on applications

Description:

Management science (MS) is the discipline of using mathematical models and other analytical methods to help make better business management decisions. The management scientist's mandate is to use rational, systematic, science-based techniques to inform and improve decisions of all kinds. These techniques are not restricted to business applications but may be applied to military, medical, public administration, real estate, charitable groups, political groups or community groups.

Management science is often referred to as decision science or operations research. It uses mathematics and computers to construct, solve, and analyze quantitative models of real-world systems. Mathematical relationships and assumptions are used to capture the essential structure of a system. Fortunately, many mathematical models can be implemented conveniently with widely used spreadsheet software that is used by millions of people everyday. Our textbook uses Microsoft Excel and we will be using this software throughout the course.

The primary objective of this course is to introduce a variety of applications that have been successfully analyzed using the models and methods of management science. In addition, this course provides you with the opportunity to develop your skills in formulating, solving, and analyzing realistic models using spreadsheets. Being able to structure complex problems for better decision making is a skill of much value in today's competitive environments. As in most endeavors, the first step in skills development is an understanding of MS methods and their successful applications. In addition, you must be familiar with their limitations. The second step involves the doing, that is, the actual structuring of a model for a similar environment and the computer implementation of that model using widely available software.

Students are introduced to linear programming, decision theory, utility theory, simulation and other management science topics, and will become familiar with their application to the areas of sales, project management, production, logistics, inventory policy, advertising, maintenance, and financial decisions, among other.  The following are topics covered in the course (with case studies throughout):

·   Overview of Management Science

·   Linear Programming: Model Formulation and Graphical Solution

·   Linear Programming: Computer Solution and Sensitivity Analysis

·   Linear Programming: Modeling Examples

·   Integer Programming

·   Transportation, Transshipment, and Assignment Problems

·   Network Flow Models

·   Project Management

·   Multicriteria Decision Making

·   Nonlinear Programming

·   Probability and Statistics

·   Decision Analysis

·   Queuing Analysis

·   Simulation

·   Forecasting

·   Inventory Management

REGISTRATION

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