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Operations Research for Decision Making [1]

Paper Code: 
ATG-323
Credits: 
6
Contact Hours: 
90.00
Max. Marks: 
100.00
Objective: 
  • Acquaint the students with the use of operational research & quantitative techniques in decision-making.

 

Course

Learning outcome (at course level)

Learning and teaching strategies

Assessment Strategies

Paper Code

Paper Title

ATG 323

Operations Research for Decision Making

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

Approach in teaching:

·     Interactive Lectures, Discussion, Reading assignments

Learning activities for the students:

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

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

 

20.00
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

16.00
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

18.00
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: 

• Operations Research & Q T for Management - R. K. Tailor ( Shivam Book House)
• Operational Research-Mathur, Khandelwal, Gupta,Gupta (Ajmera Book Company)
• Operational Research-V.K Kapoor (Sultan Chand)

References: 

• Operational Research-Prof N.P.Agarwal ( Ramesh Book Depot)
• Qunatitative 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
• Quantitative Methods- N.K Nag (Kalyani Publishers)
• Qunatitative Techniques for Managerial Decsionos – U.K Srivastava, G.R Shenoy, S.C Sharma(New Age International)
• Operation Research: Anand Sharma(Himalaya Publishing House)

Academic Year: 
2021-2022 [2]

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Source URL: https://accountingtaxation.iisuniv.ac.in/courses/subjects/operations-research-decision-making-1

Links:
[1] https://accountingtaxation.iisuniv.ac.in/courses/subjects/operations-research-decision-making-1
[2] https://accountingtaxation.iisuniv.ac.in/academic-year/2021-2022