OPERATIONS RESEARCH FOR DECISION MAKING

Paper Code: 
ATG 323
Credits: 
6
Contact Hours: 
90.00
Max. Marks: 
100.00
Objective: 

Course Outcomes

 

Learning and teaching strategies

Assessment Strategies

On completion of this course, students will be able to:

CO73: Understand the characteristics of different types of decision-making environments and the appropriate decision making approaches and tools to be used in each type.

CO 74: Understand the mathematical tools that are needed to solve optimization problems.

CO 75: Be able to build and solve Transportation Models and Assignment Models.

CO 76: Propose the best strategy using game theory and replacement theory.

CO 77: Be able to design new simple models, like: CPM, PERT to improve decision –making.

CO 78: To understand and analyse managerial and decision making problems in industry

Interactive Lectures, Discussion, Reading assignments

Self learning assignments, Effective questions, Simulation, presentation, Giving tasks.

Class test, Semester end examinations, Quiz, Solving problems in tutorials, Assignments

 

18.00
Unit I: 
Unit I
  • Operations Research: Assumptions, advantages and disadvantages
  • Linear Programming: Meaning, assumptions, features, methods: Graphic   method and Simplex method, concept of duality, multiple solutions.
  • Dynamic Programming: Meaning, features, models
  • General Sequencing Problems and Goal programming problems

 

 

18.00
Unit II: 
Unit II

Transportation: Methods, Degeneracy, special cases: Balance problems, unbalanced problems, prohibited problems, preferred problems.

Assignment: Methods, multiple optimum solutions, special cases: Balance problems, unbalanced problems, prohibited problems, preferred problems.

18.00
Unit III: 
Unit III

Game Theory: Games of Pure strategy, Games of Mixed strategy, Law of Dominance, Sub Game method, graphical method

Replacement Theory: Meaning, features, advantages, disadvantages, application areas, methods of replacement of an assets

18.00
Unit IV: 
Unit IV
  • Deterministic Models of  Stock : Meaning, features, advantages and   disadvantages, role of inventory model, methods, practical approaches of inventory models.
  • Statistical Quality control: Meaning, Features, Roles, Various charts and      their functionality
Unit V: 
Unit V
  • Net Work Analysis (Pert/CPM): Introduction, Basic Concept, Drawing a net work diagram, Concept of Critical Path, Probability Consideration under Pert, Crashing a Net Work and determining project cost trade off, scheduling a network with various constraints like manpower equipment etc.
Essential Readings: 

• Operational Research-Prof N.P.Agarwal (Ramesh Book Depot)
• Quantitative Methods- N.K Nag (Kalyani Publishers)
• Operational Research-Mathur, Khandelwal Gupta,Gupta (Ajmera Book Company)

References: 

SUGGESTED READINGS:

  • Operational Research-V.K Kapoor (Sultan Chand)
  • Quantitative Techniques- C.R Kothari (Vikas Publishing House Pvt Ltd)
  • Vohra N.D, Quantitative Techniques in Management, (Tata McGraw Hill New Delhi )
  • Taha, Hamady A, Operational Research- An Introduction, Prentice Hall of India

e- RESOURCES:

JOURNALS:

  • Journal of Operations and Strategic Planning
  • Indian Journal of Finance
  • IUP Journal of Applied Finance
  • The Indian Journal of Commerce

 

Academic Year: 
2022-2023
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