Course details
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.
Credits
4.0
Cost
$564.61
Course offerings
Fall 2023
Below is one offering of OPMT 3197 for the Fall 2023 term.
CRN 43890
Duration
Thu Sep 07 - Thu Nov 23 (12 weeks)
- 12 weeks
- CRN 43890
- $564.61
Class meeting times
| Dates | Days | Times | Locations |
|---|---|---|---|
| Sep 07 - Nov 23 | Thu | 18:00 - 22:00 | Online |
Instructor
Daniel Anvari
Course outline
Cost
$564.61
Important information
- 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.
-
This is a synchronous online course, and you will be expected to be available and online on the posted days and times shown on your registration schedule. It is important you have a stable and consistent internet connection to access course content. Course content, type and quality of assignments, and general standards for this online course are the same as classroom courses. To be successful in this online course, plan to spend 7-10 hours per week on your studies or more if it is a condensed course starting Week 1. Important course information will be sent to your myBCIT account prior to your course start date.
Status
In Progress
This course offering is in progress. Please check back next term or subscribe to receive email updates.
Learning Outcomes
Upon successful completion of the course, the student will be able to:
Linear Programming
- 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.
Forecasting
- 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
Related Programs
Management Science (OPMT 3197) is offered as a part of the following programs:
School of Business + Media
- Accounting
Diploma Part-time
- Advanced Business Management
Certificate Part-time
- Business Administration (General Option)
Diploma Part-time
- Business Administration (Management Option)
Diploma Part-time
- Financial Management (Professional Accounting Option)
Certificate Part-time
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Programs and courses are subject to change without notice.