At the completion of this course, students will be able to:
UNIT 1: LINEAR PROGRAMMING/LPP; Formulation of LPP, Graphical method, Solution- BFS. Optimal, Simplex method, Big ‘m’ method, Primal and dual LPP, and Sensitivity Analysis.
UNIT 2: TRANSPORTATION MODEL; Formulation, Method of finding BFS, North-West corner method, Matrix minima method, Vogel’s approximation method, Towards optimality Modi method, Loops, Unbalanced TPP, Maximization TPP
UNIT 3: ASSIGNMENT MODEL; Formulation, Hungarian algorithm, Unbalanced AP, Traveling sales man problem
UNIT 4: Correlation and Regression Analysis : correlation analysis: introduction, determining the correlation coefficient, testing the statistical significance of the correlation coefficient, correlation analysis for qualitative variables: spearman's correlation analysis, regression analysis: introduction, simple linear regression analysis, determining the coefficient of determination, testing the statistical significance of the regression coefficient, multiple regression analysis, testing the statistical significance of the regression coefficients (t-test), building the model and testing the overall fitness of the model.
UNIT 5: Network Modeling:
General network concepts, Networking algorithms, Basic Difference Between PERT and CPM PERT/CPM Network Components and precedence Relationship, Critical Path Analysis(Forward pass method and Backward pass method), Project Scheduling with Uncertain Activity Times Project cost and Crashing, and Trade off Analysis between Project cost and time.
UNIT 6: Decision Theory
Introduction to decision theory, Baic Terms in Decision Theory, Decision Making situations: Decision Making Under Certainity, Decision Makin Under Uncertainty or Ignorance (with decision making criteria of MaxiMax, MaxiMin, MiniMax-Regret, and LaPlace –Average), Decision Making Under Risk (with decision making criteria of expected value and expected opportunity lost.
A combination of the following major methods of delivery will be used for this course:
Lecture,
Case analysis depending on the nature of the course
Text
References
Today's modern time managers operate in face multiple alternatives and choices in allocation of resources, which could not be done through rule of thumb. The pronouncement here is that, managers are required to make use of systematic and structured procedures. This course provides students with the basic mathematical models and techniques that are applicable in different business decision making scenarios. Topics such as linear programming, transportation models, queuing models, inventory management, simulations models as well as game theories will be covered