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Master of Science in Management Science


... (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

Master of Science in Management Science
MSc (Management Science)
  • This degree will provide students with advanced
    skills in applied statistics, operations
    research, information technology and data
  • 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

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

MSc (Management Science)
  • Operations Research

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

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?
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
Customer Order History
Operations Research Technology
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?
Transport Logistics
Red Sea Suppliers Israel, Egypt
Mathematics in Operation
Real Practical Problem
Mathematical (Optimization) Problem
Mathematical Solution Method (Algorithm)
Computer Algorithm
Decision Support System
Human Decision-Maker
A Facility Location Problem
The Role of Statistics in Management
Science Some Examples
  • Estimating race car performance as a function of
    spring stiffness, weight and down-force, for
    different tracks

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

  • Modeling frequency, duration and severity of
    power cuts

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

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

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

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

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
  • In fact, all 3 units can be also be credited to
    any further studies in an MBA at MBS

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

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

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

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

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

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
  • 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