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ECO314Social Sciences2 Unitsintermediate

Operations Research

This course introduces students to the fundamental aspects of operations research and its applications in economics. It covers mathematical programming, transportation models, assignment models, and project management techniques. Students will learn to apply decision analysis, decision trees, and simulation methods to solve real-world problems. The course also explores game theory and inventory control, equipping students with the skills to optimize resource allocation and improve decision-making in various organizational settings.

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150h
Study Time
13
Weeks
12h
Per Week
intermediate
Math Level
Course Keywords
Operations ResearchDecision AnalysisLinear ProgrammingGame TheoryInventory Control

Course Overview

Everything you need to know about this course

Course Difficulty

Intermediate Level
Builds on foundational knowledge
65%
intermediate
📊
Math Level
Moderate Math
🔬
Learning Type
Hands-on Practice

Course Topics

Key areas covered in this course

1

Linear Programming

2

Transportation Model

3

Assignment Model

4

Decision Analysis

5

Decision Trees

6

Game Theory

7

Inventory Control

8

Project Management

9

Simulation

10

Systems Analysis

Total Topics10 topics

Ready to Start

No specific requirements needed

This course is designed to be accessible to all students. You can start immediately without any prior knowledge or specific preparation.

Assessment Methods

How your progress will be evaluated (3 methods)

assignments

Comprehensive evaluation of course material understanding

Written Assessment

tutor-marked assessments

Comprehensive evaluation of course material understanding

Written Assessment

final examination

Comprehensive evaluation of course material understanding

Written Assessment

Career Opportunities

Explore the career paths this course opens up for you

Operations Analyst

Apply your skills in this growing field

Management Consultant

Apply your skills in this growing field

Logistics Manager

Apply your skills in this growing field

Supply Chain Analyst

Apply your skills in this growing field

Project Manager

Apply your skills in this growing field

Financial Analyst

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

ManufacturingLogisticsFinanceHealthcareTelecommunicationsGovernment

Study Schedule Beta

A structured 13-week journey through the course content

Week
1

Module 1:

4h

Unit 1: Mathematical Programming (Linear Programming)

4 study hours
  • •Understand the requirements and assumptions of linear programming.
  • •Learn to formulate linear programming problems.
Week
2

Module 1:

4h

Unit 2: The Transportation Model

4 study hours
  • •Study the transportation model and its applications.
  • •Practice solving transportation problems using different methods.
Week
3

Module 1:

4h

Unit 3: Assignment Model

4 study hours
  • •Understand the assignment model and its applications.
  • •Learn to solve assignment problems using various methods.
Week
4

Module 1:

4h

Unit 4: Project Management

4 study hours
  • •Learn the basics of project management.
  • •Understand the techniques used in project management.
Week
5

Module 2:

4h

Unit 1: Elements of Decision Analysis

4 study hours
  • •Identify and explain the elements of decision analysis.
  • •Understand the structure of a decision problem.
Week
6

Module 2:

4h

Unit 2: Approaches to Decision Analysis

4 study hours
  • •Explain the different approaches to decision analysis.
  • •Learn to use qualitative and quantitative tools for decision making.
Week
7

Module 2:

4h

Unit 3: Types of Decision Situations

4 study hours
  • •Identify and use various criteria for solving problems in different decision situations.
  • •Apply these criteria to real-world scenarios.
Week
8

Module 2:

4h

Unit 4: Decision Trees

4 study hours
  • •Discuss the decision tree and solve problems involving the general decision tree and the secretary problem.
  • •Learn to construct and analyze decision trees.
Week
9

Module 3:

4h

Unit 1: Operations Research (OR)

4 study hours
  • •Trace the history and evolution of operations research.
  • •Understand the characteristics and scope of OR.
Week
10

Module 3:

4h

Unit 2: Modelling in Operations Research

4 study hours
  • •Describe and analyze the different types of models used in operations research.
  • •Learn to construct and apply mathematical models.
Week
11

Module 3:

4h

Unit 3: Simulation

4 study hours
  • •Define simulation and highlight the various types of simulation models.
  • •Understand the advantages and limitations of simulation techniques.
Week
12

Module 3:

4h

Unit 4: Systems Analysis

4 study hours
  • •Discuss the concept of system analysis and identify the various categories of systems.
  • •Learn to apply systems thinking to solve complex problems.
Week
13

Module 4:

8h

Unit 1: Sequencing

4 study hours
  • •Identify and solve problems using the sequencing techniques.
  • •Apply various techniques in solving gaming problems.

Unit 2: Games Theory

4 study hours
  • •Apply various techniques in solving gaming problems.
  • •Solving inventory problem using the Critical Path Methods (CPM) and the Programme Evaluation and Review Techniques (PERT).

This study schedule is in beta and may not be accurate. Please use it as a guide and consult the course outline for the most accurate information.

Course PDF Material

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Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Create concept maps linking Modules 1-2 linear programming and transportation models

2

Practice solving assignment model problems from Unit 3 weekly

3

Review decision tree construction and analysis techniques from Module 2 Units 3-4

4

Study game theory strategies and payoff matrix analysis from Module 4 Unit 2

5

Focus on inventory control models and optimization techniques from Module 4 Unit 3

6

Review all TMAs and their solutions to identify key areas of focus

7

Allocate sufficient time for practicing numerical problems from each module

8

Form study groups to discuss complex concepts and problem-solving approaches

9

Prioritize understanding of key formulas and their applications

10

Create flashcards for important definitions and concepts from each unit

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