Module Information
Course Delivery
Delivery Type | Delivery length / details |
---|---|
Lecture | 16 Hours. |
Seminars / Tutorials | 5 Hours. |
Assessment
Assessment Type | Assessment length / details | Proportion |
---|---|---|
Semester Assessment | Spreadsheet assignment | 15% |
Semester Exam | 2 Hours | 85% |
Learning Outcomes
On successful completion of this module students should be able to:
* Apply linear programming to managerial and financial problems. The focus, however, is on understanding and adaptability
Aims
To enlarge the analytical toolkit by introducing one particular optimisation technique, ie, linear programming; second, to enable you to apply this tool to a variety of industrial and financial situations such as cost minimisation and profit maximisation; third, to enable you to appreciate how to formulate certain business strategies as zero-sum two-person games.
Brief description
This module is concerned with the study of some operational research models and their applications in commerce and industry. The emphasis is on understanding and adaptability rather than technique and will focus on basic linear algebra; introduction of linear programming; simplex algorithm; sensitive analysis; transportation and assignment problems and the theory of games sensitivity.
Content
- Product mix problems as linear programmes
- Graphical solution
- Shadow prices and sensitivity analysis
- The Simplex Algorithm
- Use of the EXCEL "Solver" Tool
- Cost minimisation problems
- Further applications
- Duality
- The Theory of Games
Reading List
Recommended TextWinston, W L (1991) Operations Research - Applications and Algorithms International Thomson Publishing Primo search Supplementary Text
Daellenbach, H, George, J and McNickle, D An Introduction to Operations Research Techniques Alleyn and Bacon Primo search Taha, J Operations Research: An Introduction MacMillan Primo search Wagners, H Principles of Operations Research Prentice-Hall Primo search Reference Text
Keys, P (1995) Understanding the Process of Operational research Chichester: John Wiley & Sons, Inc. Primo search
Notes
This module is at CQFW Level 6