ØKA2011 Introduction to Management Science

    • Number of credits
      7,5
    • Teaching semester
      2023 Autumn
    • Language of instruction
      English
    • Campus
      Lillehammer
    • Required prerequisite knowledge

      Recommended prerequisites: basic corporate finance, accounting, calculus/mathematics, and statistics. 

Course content

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:

Knowledge

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.
Skills

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
General competence

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
Teaching and working methods

Lectures, problem solving, individual and group work with mandatory hand-ins. 

Required coursework

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.

Assessments
Form of assessmentGrading scaleGroupingDuration of assessmentSupport materialsProportionComment
Practical examination
ECTS - A-F
Individual
4 Hour(s)
  • Approved calculator
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.

Reading list

Faculty
Inland School of Business and Social Sciences
Department
Department of Business Administration