IB9HS-15 Operations Analytics
Introductory description
This module is designed to introduce the student to the ideas of modelling and to the relevance of modelling for management.
Module aims
The emphasis is upon the student being a critical consumer of quantitative information and quantitative modelling. It is not intended that the module will turn the student into an experienced modeller but that it will teach the student to understand the importance of, and benefits to be gained from, modelling for management. It is also intended that the student should be able to have sensible and meaningful conversations with specialists who are experienced modellers. Furthermore, it is intended that the student should be able to ask relevant and pertinent questions of such specialists and comprehend their replies. Therefore the module is concerned with the context and process of modelling rather than with the technicalities underlying specific modelling approaches.
To become a critical consumer of modelling it is necessary to consider some of the modelling approaches in some detail. Therefore the module considers a variety of approaches that are commonly used in a business and management environment. However, it is not intended that the focus will be solely on the mechanics of those approaches but upon the interpretations to be placed upon the output of the models and upon the usefulness of such output to management.
As a further guide to the situations where such models may be used, and how they may be employed, the module considers a number of case studies based on applying the techniques in actual business situations.
Outline syllabus
This is an indicative module outline only to give an indication of the sort of topics that may be covered. Actual sessions held may differ.
Why managers use models.
Quality control.
Looking for relationships.
Forecasting demand.
Simulating the future.
The modelling process.
Finding the ‘best’ solution: Linear programming.
When something changes: Sensitivity analysis.
Being sure that the model is right.
Learning outcomes
By the end of the module, students should be able to:
- Demonstrate an awareness of the contribution that modelling and analysis techniques can make to organisations.
- Develop a comprehensive understanding of the value of investigating operational business problems by modelling and analysis.
- Comprehend the purpose of modelling and analysis, and identify the areas in which it can be applied.
- Specify methods of modelling and analysis in operations such as quality control, regression, analysis, forecasting, linear programming and simulation.
- Critically analyse modelling work undertaken in organisations.
Indicative reading list
Core texts:
Wisniewski, M. (2009) Quantitative Methods for Decision Makers (5th edn) London: Pitman.
Pidd, M. (2009) Tools for Thinking: Modelling in Management Science (3rd edn) Chichester, UK: Wiley.
Illustrative journal articles:
Cohen, R. and Dunford, F. (1986) ‘Forecasting for Inventory Control: An Example of When “Simple” Means “Better”’ Interfaces 16, 6, Nov–Dec, pp. 95–9.
Bell, P. and O’Keefe, R. (1987) ‘Visual Interactive Simulation – History, Recent Developments and Major Issues’ Simulation 49, 3, pp. 109–116.
Law, A. and Haider, S. (1989) ‘Selecting Simulation Software for Manufacturing Applications: Practical Guidelines and Software Survey’ Industrial Engineering 21, 5, pp. 33–46.
Willemain, T.R. (1995) ‘Model Formulation: What Experts Think About and When’ Operations Research 43, 6, pp. 916–32.
Subject specific skills
Identify operational situations where modelling and analysis tools may be applied.
Understand the requirements for, and benefits and pitfalls of, applying modelling and analysis tools.
Transferable skills
Written communication.
Work in groups to solve problems cooperatively.
Study time
| Type | Required |
|---|---|
| Lectures | 9 sessions of 3 hours (18%) |
| Private study | 49 hours (33%) |
| Assessment | 74 hours (49%) |
| Total | 150 hours |
Private study description
Private study to include preparation for lectures
Costs
No further costs have been identified for this module.
You do not need to pass all assessment components to pass the module.
Assessment group D1
| Weighting | Study time | Eligible for self-certification | |
|---|---|---|---|
Assessment component |
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| Group presentation | 30% | 22 hours | No |
Reassessment component is the same |
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Assessment component |
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| 2 hour examination | 70% | 52 hours | No |
Reassessment component is the same |
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Feedback on assessment
Assessments are graded using standard University Postgraduate Marking Criteria and written feedback is provided. Feedback for individual essays includes comments on a marksheet. Overall percentage marks are awarded for examination performance and general examination feedback is provided to the cohort.
Courses
This module is Core for:
- Year 1 of TIBS-N1QG Postgraduate Taught Business with Operations Management