This course provides students with an introduction to an area of management science that is sometimes called quantitative methods or operations research. The objective of this course is to have students develop an appreciation of the management science approach to problem formulation and solution that is now so important in today’s business and industrial sectors. The course focuses on quantitative approaches to decision making and introduces a variety of management sciences models, methods, and procedures. The major areas of study are linear programming (LP), simulation modeling, and forecasting.
Below is one offering of OPMT 3197 for the Fall 2022 term.
Thu Sep 08 - Thu Nov 24 (12 weeks)
- 12 weeks
- CRN 43890
Class meeting times
|Sep 08 - Nov 24||Thu||18:00 - 22:00||Online|
Course outline TBD — see Learning Outcomes in the interim.
- Internet delivery format.
- Important course information will be sent to you prior to your course start date. Check your myBCIT email account to access this information.
Important Information: 1. Internet delivery synchronous course format. This is a synchronous course that will be held entirely online. You will be required to log in to the course each week at a specific time. Please check the registration page for the specific dates and times. 2. Learning formats include: online asynchronous, online synchronous, hybrid/blended, and in-class. Please read the information at this link to understand the differences between learning online versus in a real physical classroom. www.bcit.ca/distance/distance-course-formats/ 3. Important course information will be sent to you prior to your course start date. Check your myBCIT email account to access this information.
Upon successful completion of the course, the student will be able to:
- Use graphical solution procedures for LP problems with only two variables to understand how LP problems are solved.
- Understand how to setup LP problems in a spreadsheet and solve them using Excel Solver.
- Model a wide variety of LP problems: Understand major business application areas for LP problems such as manufacturing, marketing, labour scheduling, blending, transportation, and multi-period planning.
- Formulate Integer Programming (IP) models; setup and solve IP problems using Excel Solver.
Monte Carlo Simulation
- Explain the advantages and disadvantages of simulation.
- Tackle a variety of problems using Monte Carlo simulation, such as NPV/IRR models, expected profit models, and models for operational decisions and policies.
- Setup and solve simulation models using Excel’s standard functions.
- Understand and know when to use various families of forecasting models (qualitative models versus time series models).
- Develop stationary models: moving averages, weighted moving averages, and exponential smoothing.
- Develop a simple linear regression trend model. Students will be exposed to seasonality models, but they will not be covered in depth.
Effective as of Fall 2016
Management Science (OPMT 3197) is offered as a part of the following programs:
School of Business + Media
- Advanced Business Management
- Business Administration (General Option)
- Business Administration (Management Option)
- Financial Management (Professional Accounting Option)
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Programs and courses are subject to change without notice.