ØKA2011 Introduction to Management Science
- Course codeØKA2011
- Number of credits7,5
- Teaching semester2024 Autumn
- Language of instructionEnglish
- CampusLillehammer
- Required prerequisite knowledge
Recommended prerequisites: basic corporate finance, accounting, calculus/mathematics, and statistics.
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
- Simulation Models
- Forecasting Models
- Inventory Models
The workload is approximately the same for all four main parts.
Learning Outcome
Upon passing the course, students have achieved the following learning outcomes:
The student
- has a wide knowledge of areas where management science techniques are heavily used both within public and private sector
- can refer to important research results within specific areas covered in the course
- can translate practical problems into quantitative models that are solvable with spreadsheets
- can justify the choice of various models on the basis of specific criteria
- can discuss strengths and weaknesses of using quantitative models for decision support in practice
The student
- can find optimal solutions for linear programming models by graphical solutions, calculations, and by the use of spreadsheets
- can interpret the results and important concepts from solution reports from such models
- can replicate real business situations by the use of Monte Carlo simulation
- can analyze uncertainty in various projects based on the results from Monte Carlo simulations
- can choose appropriate forecasting models for data with various properties
- can make forecasts for time series variables in a spread sheet using appropriate modelling techniques
- can calculate the accuracy of forecasts with several accuracy measures
- can evaluate the performance of various forecasting techniques on the basis of the accuracy measures
- can calculate optimal order quantity, total costs, and reorder point given several different assumptions
The student
- can assess what needs various businesses might have for management science techniques
- can assist in the development and use of appropriate management science techniques in a given corporation
Lectures, problem solving, individual and group work with mandatory hand-ins.
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.
| Form of assessment | Grading scale | Grouping | Duration of assessment | Support materials | Proportion | Comment |
|---|---|---|---|---|---|---|
Practical examination | ECTS - A-F | Individual | 4 Hour(s) |
| 100 | About permitted aids: Calculator that meets the requirements for the use of calculator at the business education at INN. Updated guidelines are available and will be distributed at start-up each year. |