OPIM101 1 2014 Online

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

contracting

Teaching Assistants:

3

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
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

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?

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
Optimize: product quality level, waiting time

Is the objective...