OPIM101 1 2014 Online

Topics: Operations research, Decision theory, Mathematics Pages: 34 (1315 words) Published: February 7, 2015
OPIM101 – Management Science
Pascale Crama

Today’s Class
Instructor
Learning experience
Introduction to Quantitative Modeling
EOQ model






2

Management Science – OPIM 101
Week 1

Introduction

Instructors
Main Instructor: Pascale Crama
Contact:








Email: pcrama@smu.edu.sg
Phone: extension 0330
Office: LKCSB 4031

Office hours: on appointment
OM experience






Project management, advertisement scheduling,
contracting

Teaching Assistants:




3

Chuan Dewei: dewei.chuan.2013@business.smu.edu.sg
Management Science – OPIM 101
Week 1

Introduction

Course Structure
Materials







Slides posted on eLearn ahead of class – take extra
notes in class!
Solution to exercises in class will be posted on eLearn
after class
Use book for additional material and exercises

Course methods







4

Lectures,
Class discussion
NEW!!
In-class exercises and tutorials
– pen and paper & MS
!
Excel
Competitions / games
Management Science – OPIM 101
Week 1

Introduction

Competitions / Games
Each class will start with a competition or question
reviewing previous week’s material





Random group assignment

Correct answers/winners earn OMDollars in weeks
2–6






These dollars will be converted into real dollars in week
7
Students can allocate their earned dollars to either
charity:



5

Red Cross
MILK – Mainly I Love Kids

Management Science – OPIM 101
Week 1

Introduction

Grading


Grading







Class participation





Class participation: 10%
Assignments: 20%
Midterm examination: 35%
Final examination: 35%
On time: 1
Active participation: 2

Assignments:



6

2 individual assignments, 2 group assignments (5% per
assignment)
Assignments will be posted on eLearn
One week to submit a hard copy in pigeon hole on 4th floor
Management Science – OPIM 101
Week 1

Introduction

Exams
Midterm exam







In class in week 7
3 hours
Closed book

Final exam







7

Exam week
3 hours
Closed book

Management Science – OPIM 101
Week 1

Introduction

Course Outline
Week 1 Introduction to Management Science
Week 2 Introduction to Linear Programming
Week 3 Solving a Linear Programme and
Sensitivity Analysis
Week 4 Model Formulation (Complex Problems)
Week 5 Binary Variables
Week 6 Review
Week 7 Midterm Exam
Week 8 BREAK!










8

Management Science – OPIM 101
Week 1

Introduction

Course Outline
Week
Week
Week
Week
Week
Week
Week









9

9 Introduction to Statistics
10 Decision Analysis I
11 Decision Analysis II
12 Project Management I
13 Project Management II
14 No Class
15 Final Exam

Management Science – OPIM 101
Week 1

Introduction

Course Objectives




Recognize the type of decision tool applicable to a
given situation
Interpret the output of the different decision tools
studied in class
Perform a decision analysis



10

Model a decision problem
Solve the model

Management Science – OPIM 101
Week 1

Introduction

Class Outline – Week 1




Introduction to Quantitative Analysis (QA)
Discuss strengths and limitations of QA
EOQ

11

Management Science – OPIM 101
Week 1

Introduction

Case Study – Cupcakes @ SMU



What would you decide?
Explain how you made your decision.

12

Management Science – OPIM 101
Week 1

Introduction

Steps in Quantitative Analysis
Problem Definition
Model

Model building & data
collection

Solution

Testing & analysis

Implementation
13

Management Science – OPIM 101
Week 1

Introduction

Problem Definition


Identify the objective




Maximize: production, profit
Minimize: cost, project lead time
Optimize: product quality level, waiting time



Is the objective...
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