COURSE DESCRIPTION:
Mathematical methods useful for problem solving in management and policy-making. Mostly linear programming, but also network models, PERT/CPM, inventory models, simulation, decision theory, Markov processes, dynamic programming. New systems approaches. Prerequisites: ECN 211, STA 201.
TEXT:
David R. Anderson , Dennis J. Sweeney , Thomas A. Williams , and Mik Wisniewski. An Introduction to Management Science: Quantitative Approaches to Decision Making (with CD-ROM). Cengage Learning, 2008. ISBN-10: 1844805956 ISBN-13: 978-1844805952.
All other readings and handouts are on Pointcarré.
GRADING:
First problem set 5%
Second problem set 5%
Third problem set 5%
First examination 25%
Second examination 25%
Final examination 35%
Problem sets consist of the homework assignments given in the reading list for each class session included in the class schedule. (In other words, if the class schedule says we are covering "Utility: Calculus" this semester, you should look in the reading list below, read the chapter assigned, and work the problems assigned there before coming to class that day.) Please include all problems whether or not they were done in class. Also please put them in the order in which they appear on the syllabus; that makes them easier to grade. Finally, please invest in a stapler!
All examinations except the final examination are non-cumulative, i.e., they cover only material covered in class since the last exam. The final examination is cumulative, i.e., it covers the whole term. The examination questions are designed to be answered quickly, in contrast to the homework problems.
GRADING STANDARDS:
For this class are best stated in the Faculty Handbook of Guilford College, where I once taught. The corresponding numbers are the Flemish equivalents:
A 85-100 17-20
A- 81-84 16
The grade of A is awarded for original insight, sound reasoning, and the ability to evaluate the scope of the materials studied.
B+ 77-80 15.5
B 73-76 14.5
B- 69-72 14
The grade of B reflects interpretive skill on the part of the student and a clear understanding of the meaning and inter-relatedness of the course materials.
C+ 66-68 13
C 62-65 12.5
C- 58-61 11.5
A grade of C indicates thorough familiarity with the basic facts and concepts considered in the course, even though underlying principles may not have been grasped.
D+ 54-57 11
D 50-53 10
Although D is labeled a passing grade, it reflects a lack of fundamental knowledge.
F < 50 Below 10
The grade of F, assigned for failing work, indicates a lack of interest and/or ability to be a student.
OBJECTIVES:
By the end of the course you should be able to:
1. Describe the major theoretical models covered in class verbally, geometrically, and in some cases mathematically.
2. Apply these models to the solution of numerical problems and simple narrative cases.
3. Describe the limitations of the models in both theory and application.
REQUIREMENTS:
Examinations and other assignments are indicated on the class schedule. Makeup examinations are allowed only in extreme emergency, which must be documented by a physician or college official, but the questions will be more difficult, and the grading standards are substantially higher in all such cases. Any promises made about the format of the examinations (e.g., how many and what type of questions) do not apply to make-up exams. "Extra-credit" work is not permitted, but papers may be rewritten and resubmitted with my permission. All make-up exams and late papers will be graded at my convenience - perhaps as late as the end of the term. Late assignments handed in during finals week will not be graded and will not count. If you fail to turn in a paper assignment, you will get a zero.
CLASSROOM ACTIVITIES:
These include lectures and the working of homework problems. Lectures are short and are designed to tie together the most important points covered in the readings, or to supplement the readings with additional material, or to explain difficult and important items in the readings and homework, or to introduce timely topics. All students may be required to participate by working problems in class. Thus you should read the assigned material and do the homework before coming to class, and come to class with your syllabus, book, and homework.
My lecture style is informal but to the point. I often start with current events or family stories. If you do not see the connection between those and the topic at hand, ask. There nearly always is a connection.
Class discussions are heavily regulated by me to underscore the use of economic reasoning and emphasize points of view with which students may not be familiar or which may not be always popular outside academia. "Class participation" means quality as well as quantity. One perceptive question clarifying an elementary concept in the text is worth about eighteen smug, argumentative interjections.
Attendance is recorded and follows college policy. If you are late, you are absent; don't come up to me later and try to tell me you were here. It's annoying.
EXAMINATIONS:
Midterm examinations are given during class time. Examinations turned in after class is over are marked "late" as they are handed in and are penalized. Midterm examinations are not cumulative; the final is cumulative in-as-much as it counts more than a regular exam.
You may discuss your examination or paper with me in my office if you have any questions about it. However, (a) you must wait at least two days from the time it is returned to you, and (b) you are expected to have gone over it carefully yourself with your class notes and readings before seeing me.
Needless to say, to pass any of my courses you have to pass at least one in-class examination.
FIRST EXAMINATION: Four questions, essay, evenly distributed throughout the course to date, with perhaps a graph or two. I used to have an unwritten custom that allowed me to waive the first exam grade under certain circumstances. Starting this year, I no longer follow that practice.
SECOND EXAMINATION: Same format as the first exam, covering the material since the first exam.
FINAL EXAMINATION: Same format as the other exams, with five questions instead of four, covering the entire course.
Corrected examinations will no longer be handed out in class. Instead, you are welcome to see me in my office to go over your exam.
PROBLEM SETS:
In some classes (mostly 211) problem sets are required in lieu of a term paper. The problem assignments are embedded in the syllabus. They will be checked for (a) whether they were turned in and (b) how many problems were attempted. They may or may not be graded, depending on whether I have time.
Please write the problems in the order in which they are assigned; otherwise either you or I will almost certainly miss at least one.
You are encouraged to work together on the homework assignments, though you must each write your papers separately.
PAPERS:
The term paper has been broken down into separate assignments, partly for my convenience in tracking your progress so I can offer help at the right time, and partly for your convenience to force you to work steadily rather than bunch it till the end. The assignments are designed so that you can incorporate the results of the first three assignments into the fourth assignment, which is the final version of the term paper. Read all of this section first so that you get a clear idea of what is expected.
SESSION/CHAPTER IN TEXTBOOK
1. Read documents COURSEPO and ACADHON on Pointcarré. [included below]
2. 1. Introduction
Deterministic Models: Linear Programming
3. 2. An Introduction to Linear Programming
4. 3. Linear Programming: Sensitivity Analysis and Interpretation of Solution
5.
6. 4. Linear Programming Applications
7.
8. 5. Linear Programming: The Simplex Method
9.
10. FIRST EXAMINATION
11. 6. Simplex-Based Sensitivity Analysis and Duality
12.
Deterministic Models: Other
13. 9. Network Models
14. 10. Project Scheduling: PERT/CPM
15. SECOND EXAMINATION
Stochastic Models
16. 13. Simulation
17.
18. 14. Decision Analysis
19.
20. FINAL EXAMINATION
Other Models
21. 15. Multicriteria Decisions
22.
23. 16. Forecasting
24.
25. 17. Dynamic Programming
26.
27. FINAL EXAMINATION
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