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Module Descriptor School of Computer Science and Statistics

Module CodeST4004
Module NameMANAGEMENT SCIENCE IN PRACTICE
Module Short Title
ECTS10
Semester TaughtMichaelmas Term
Contact Hours

6 hours lectures and computer laboratories per week.

Module PersonnelBrett Houlding & Arthur White
Learning Outcomes

After this course, students will be able to

  • Implement various management science techniques in Excel, recognising its abilities and limitations;
  • Identify when an optimisation problem can be solved using dynamic programming and implement the dynamic programming solution;
  •  Demonstrate that decreasing marginal worth leads to risk averse behaviour;
  • Calculate the risk premium for an given insurance contract and utility of money;
  • Compare and contrast the properties of futures and options contracts;
  • Create investment strategies using options based on opinions about price movements over the term of the option;
  • Identify the impact of correlation between parameters on results of a model;
  • Quantify the size of Monte Carlo error having carried out a simulation list tests that can be carried out on a sequence of random numbers;
  • Generate deviates from an arbitrary pdf;
  • Understand mathematical solutions to bargaining problems and two person game problems;
  • Options and limitations of social welfare functions.
Learning Aims

This course will look into some of the topics covered in the earlier management science courses at greater depth, with emphasis on how the methods can be practically implemented, principally through Excel.

Module Content

Module Content

•         Risk Management;

•         Simulation in complex modelling;

•         Parametric elicitation;

•         Supply Chain Management;

•         Multi-objective, Multi-Criteria decision making;

•         CPM and PERT analysis

•         Stochastic linear programming;

•         Decision theory;

•         Dynamic programming;

•         Utility of money;

•         Futures and options;

•         Bargaining theory and game theory

Recommended Reading List

Recommended Reading List

  • Making Hard Decisions with Decision Tools, 3rd Edition. Clemen and Reilly
  • Making Decisions. Lindley.
  • Discrete-Event System Simulation. J. Banks et al.
Module Prerequisites

ST2006 Management Science Methods.

Assessment Details

Assessment is by written examination. To pass the module, students must achieve an overall mark of 40%.

Module Websitehttps://www.scss.tcd.ie/~arwhite/Teaching/ST4004.html
Academic Year of Data