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Master of Science in Management Science

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... (Management Science) Operations Research. What are Operations Research ... Some statistical, econometric and operations management theory will also be covered ... – PowerPoint PPT presentation

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Title: Master of Science in Management Science


1
Master of Science in Management Science
2
MSc (Management Science)
  • This degree will provide students with advanced
    skills in applied statistics, operations
    research, information technology and data
    analysis.
  • Core discipline topics will include
  • Mathematics of Risk
  • Scheduling and Optimisation for industry
  • Business Forecasting and Modelling
  • Supply Chain Management
  • Project Management
  • Enterprise Systems
  • Data Warehousing
  • Evolutionary and Neural Computation

3
Industry Project
  • The Industry Project is the cornerstone module
    that requires students to draw together their
    scientific knowledge and professional skills to
    solve real industry problems
  • Students, potentially from different streams,
    will form syndicate groups in the final semester
  • Initially, projects may include
  • providing advocacy reports
  • drawing up business plans
  • Longer term plans

4
MSc (Management Science)
  • Operations Research

5
What are Operations Research problems?
  • Strategic decision making
  • resource requirements and allocations
  • e.g. vehicles, machines, operators
  • location/relocation decisions
  • e.g. building new facilities, relocating/closing
    existing facilities
  • system design
  • e.g. warehouse
  • Operational decision making
  • scheduling
  • timetabling
  • sequencing
  • routing
  • rostering
  • production planning
  • inventory control

6
Force Optimisation at Defence Science and
Technology Organisation (DSTO), Department of
Defence, Australian Government
Defence Objectives
What types of forces should be maintained?
What force strength is required?
7
Warehouse Design
Storage Racks
Incoming Products
Pick order
Savings of 27-43 on order picking costs
Where to store products? affects order picking
Storage location
Orders
Customer Order History
Customers
Operations Research Technology
8
Bus Service Optimisation at Melbourne Airport
How many buses to purchase?
Bus driver roster?
Melbourne Airport Long-Term Car Park
Bus Sizes?
Hourly bus requirement?
Bus schedule?
9
Transport Logistics
Red Sea Suppliers Israel, Egypt
10
Mathematics in Operation
Real Practical Problem
?
Mathematical (Optimization) Problem
x2
Mathematical Solution Method (Algorithm)
Computer Algorithm
Decision Support System
Human Decision-Maker
11
A Facility Location Problem
12
The Role of Statistics in Management
Science Some Examples
13
  • Estimating race car performance as a function of
    spring stiffness, weight and down-force, for
    different tracks

14
  • Air Traffic Control design and analyse
    man-in-the-loop simulation trials of a new
    computer system. Allow for varying traffic density

15
  • Modeling frequency, duration and severity of
    power cuts

Simulating the supply of emergency
generators how many are needed, and where should
they be stored?
16
  • RN roulement
  • maintaining an active presence abroad, how many
    vessels required?

17
  • Supply of telephone equipment how many spare
    parts to keep on site how many spare parts to
    store centrally?

18
  • Hedge fund Value at Risk estimates
  • Forecasting the value of your stock portfolio

19
Business Subjects in the MSc in Management Science
20
What is Offered?
  • There are three business subjects which are
    compulsory
  • Two Business Tools subjects
  • Business Tool 1 Money, People and Projects
  • Business Tool 2 The Market Environment
  • One core subject
  • Cases in Business Modelling

21
Who will Teach These?
  • All three units will be taught be academic staff
    from the Melbourne Business School
  • We specialise in teaching MBA, Executive MBA and
    programs for senior executives and managers
  • You can find more details about us at our
    website
  • www.mbs.edu
  • In fact, all 3 units can be also be credited to
    any further studies in an MBA at MBS

22
Business Tool Units
  • The two business tools units are part of the
    program to skill-up students for the workplace
  • They provide a wide range of what is often
    assumed knowledge for managers
  • However, these are not often known by graduates
    without a background in business
  • Therefore, it really puts a graduate in a
    position to seek more senior roles

23
Tool 1 Money, People and Projects
  • This tool aims to provide some expertise in the
    skills required to operate successfully within an
    organisation
  • They are the internal tools
  • They include
  • Basic accounting
  • Managing a budget
  • Working and managing people
  • Managing business processes

24
Tool 2 The Market Environment
  • This tool aims to provide an overview of the
    tools required by organisations to operate
    successfully in a market environment
  • They are the external tools
  • They include
  • Simulation and cases in negotiation
  • Core marketing concepts, such as brand management
    and creating a marketing plan
  • Strategic decision-making and managerial economics

25
Cases in Business Modeling
  • This unit aims to look at advanced modeling from
    the context of applications
  • The idea is to take a well-defined business
    problem, and use the methods and skills picked up
    in the MSc to solve them
  • Some statistical, econometric and operations
    management theory will also be covered

26
Cases in Business Modeling
  • The area covered includes the following
  • Managing processes using operations theory
  • Empirically informed business decision-making
  • The econometrics of the financial markets and
    financial engineering
  • Market models and data

27
A Unique Program
  • In many ways, the MSc in Management Science is a
    unique program
  • By including the professional tools, as well as
    the core science, it creates a unique mix of
    subjects
  • It will
  • (1) build up the mathematical, statistical and
    informatics skills of graduates
  • (2) place these in the business context so that
    graduates can leverage their abilities to the
    full in their workplace
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