Management Science is vital for business studies students as it provides them with analytical tools and problem-solving techniques to make informed decisions. It integrates mathematical models, statistical analysis, and optimization methods to address complex business challenges. By studying Management Science, students learn how to allocate resources efficiently, minimize costs, and enhance productivity, which are essential skills in the corporate world. The subject covers key areas such as operations research, data analytics, and decision-making strategies, helping students develop a structured approach to solving business problems. It also enables them to analyze risks, forecast trends, and implement effective strategies based on data-driven insights. Companies across various industries rely on Management Science to streamline operations, improve profitability, and gain a competitive edge. By mastering these concepts, business students become more competent professionals equipped with the skills necessary to navigate real-world business scenarios and drive organizational success.
A Management Science course outline includes topics:
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Topics |
Topic Details |
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1. Introduction to Management Science |
· Management Science Approaches to solving problems · Model Construction, Break-Even Analysis & Characteristics of Modelling Techniques |
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2. Linear Programming & Integer Linear Programming Models |
· Model Formulation, Graphical solutions, Maximization Models & Minimization Models · Linear Programming Problems & Integer Programming Models |
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3. Transportation Models |
· Transportation Modelling & Northwest-Corner Rule · Stepping-Stone Method & Unbalanced Problems |
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4. Assignment Models |
· Facility Location Analysis & Special Issues in Modelling |
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5. Network Analysis |
· Shortest Route, Minimal Spanning Tree & The Maximum Flow |
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6. Queuing Theory Models |
· Elements of Waiting Line Analysis and Queuing Systems |
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7. Project Management (Critical Path Method & PERT) |
· Definition of Projects & Work Breakdown Structure · Network Diagram & Critical Path |
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8. Inventory Management/Decision Analysis |
· Types of Inventory Costs & Costs of Lot-Sizing Policy · EOQ & Time Between Orders (TBO) |
- Teacher: Bikash Moharana