Operations Research
- Social Sciences
- 300 level
- 2 credit units
- 211 pages
- 15 units
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.
About this course
- Difficulty
- Intermediate
- Study hours
- 150 hours
- Maths
- Intermediate
- Content
- Theoretical, practical, case study, problem solving
- Practical work
- Yes
- Assignments
- Tutor marked assessments
- Final examination
What you'll read
The real module and unit structure of ECO314, taken from the course material NOUN publishes.
One paragraph, so you can see how it reads
ECO314 · UNIT 1: MATHEMATICAL PROGRAMMING (LINEAR PROGRAMMING)
Though, in the world we live, most of the events are non-linear, yet there are many instances of linear events that occur in day-to-day life.
What you should be able to do
- Apply linear programming techniques to solve optimization problems
- Analyze transportation and assignment models for resource allocation
- Construct and interpret decision trees for decision-making under uncertainty
- Apply game theory concepts to strategic decision-making
- Analyze and optimize inventory control systems
- Understand and apply project management methodologies
- Use simulation techniques to model and analyze complex systems
What it prepares you for
- Operations Analyst
- Management Consultant
- Logistics Manager
- Supply Chain Analyst
- Project Manager
- Financial Analyst
- Manufacturing
- Logistics
- Finance
- Healthcare
- Telecommunications
- Government
- Microsoft Excel
- GAMS
- Project Management Software
Where it gets hard
The units students slow down on, and what makes each one heavy.
- Module 1:
Unit 4: Project Management
Project management requires understanding of critical path methods (CPM) and program evaluation and review techniques (PERT) which involve complex calculations and dependencies.
- Module 2:
Unit 4: Decision Trees
Decision trees involve complex branching scenarios and probability calculations, requiring careful analysis and interpretation of potential outcomes.
- Module 4:
Unit 2: Games Theory
Game theory involves understanding strategic interactions and payoffs, requiring logical reasoning and the ability to anticipate opponents' moves.
A suggested way through it
13 weeks, about 56 hours in total. Yours will differ.
- Week 1Module 1:
Unit 1: Mathematical Programming (Linear Programming) · 4 hours
Understand the requirements and assumptions of linear programming.. Learn to formulate linear programming problems..
- Week 2Module 1:
Unit 2: The Transportation Model · 4 hours
Study the transportation model and its applications.. Practice solving transportation problems using different methods..
- Week 3Module 1:
Unit 3: Assignment Model · 4 hours
Understand the assignment model and its applications.. Learn to solve assignment problems using various methods..
- Week 4Module 1:
Unit 4: Project Management · 4 hours
Learn the basics of project management.. Understand the techniques used in project management..
- Week 5Module 2:
Unit 1: Elements of Decision Analysis · 4 hours
Identify and explain the elements of decision analysis.. Understand the structure of a decision problem..
- Week 6Module 2:
Unit 2: Approaches to Decision Analysis · 4 hours
Explain the different approaches to decision analysis.. Learn to use qualitative and quantitative tools for decision making..
- Week 7Module 2:
Unit 3: Types of Decision Situations · 4 hours
Identify and use various criteria for solving problems in different decision situations.. Apply these criteria to real-world scenarios..
- Week 8Module 2:
Unit 4: Decision Trees · 4 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 9Module 3:
Unit 1: Operations Research (OR) · 4 hours
Trace the history and evolution of operations research.. Understand the characteristics and scope of OR..
- Week 10Module 3:
Unit 2: Modelling in Operations Research · 4 hours
Describe and analyze the different types of models used in operations research.. Learn to construct and apply mathematical models..
- Week 11Module 3:
Unit 3: Simulation · 4 hours
Define simulation and highlight the various types of simulation models.. Understand the advantages and limitations of simulation techniques..
- Week 12Module 3:
Unit 4: Systems Analysis · 4 hours
Discuss the concept of system analysis and identify the various categories of systems.. Learn to apply systems thinking to solve complex problems..
- Week 13Module 4:
Unit 1: Sequencing · 4 hours
Identify and solve problems using the sequencing techniques.. Apply various techniques in solving gaming problems..
Unit 2: Games Theory · 4 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)..
Preparing for the exam
- Create concept maps linking Modules 1-2 linear programming and transportation models
- Practice solving assignment model problems from Unit 3 weekly
- Review decision tree construction and analysis techniques from Module 2 Units 3-4
- Study game theory strategies and payoff matrix analysis from Module 4 Unit 2
- Focus on inventory control models and optimization techniques from Module 4 Unit 3
- Review all TMAs and their solutions to identify key areas of focus
- Allocate sufficient time for practicing numerical problems from each module
- Form study groups to discuss complex concepts and problem-solving approaches
- Prioritize understanding of key formulas and their applications
- Create flashcards for important definitions and concepts from each unit
Questions students ask about this course
What is ECO314 about?
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.
How many units does ECO314 have?
ECO314, Operations Research, has 15 units across 4 modules, over 211 pages of course material. You can read it one unit at a time.
How many credit units is ECO314?
ECO314 carries 2 credit units, at 300 level in Social Sciences.
Is ECO314 hard?
ECO314 is rated intermediate level, with intermediate mathematical content. It is mostly theoretical, practical, case study and problem solving work, and it has a practical component.
How long does ECO314 take to study?
About 150 hours of study, spread across its 15 units.
How is ECO314 assessed?
ECO314 is assessed by assignments, tutor marked assessments and final examination.
What can I do with ECO314?
Operations Analyst, Management Consultant, Logistics Manager, Supply Chain Analyst, Project Manager and Financial Analyst.