BM0224 Management science for accountants

Synopsis of Module

This module covers a range of operational research techniques and concepts of operations management and demand analysis. The integration of management science techniques and spreadsheet tools is a fundamental feature throughout. The module is assessed by means of a two hour computer examination, based on preparatory case material. Unit delivery is by a combination of lectures and lab-based workshops.

Aims of Module

The module aims to:

1.	Allow students to make effective decisions through the analysis of business information.

2.	Allow students to resolve either well-defined or abstract problems from a business environment by means of formal operational research techniques.

3.	Allow students to exercise judgement in the appropriate selection and application of the various operational research techniques.

4.	Allow students to develop and utilise relevant spreadsheet skills in a problem-solving context

Learning Outcomes

1.	At the end of the module, the student will be able to:

2.	Formulate appropriate responses to problems from a business environment which are either well defined or abstract

3.	Select and justify the application of various operational research techniques within a business environment.

4.	Formulate and solve a range of problems using relevant spreadsheet skills.

Outline Syllabus

Market Supply and Demand Analysis:

•	Price, income and cross elasticities of supply and demand

•	Management of Operations

•	Value analysis, product life cycle and Pareto analysis

Quality Control:

•	Aspects of quality management, statistical process control, mean and range control charts.

Stock Control:

•	Simple EOQ and EBQ models, quantity discounts and re-order levels.

Linear Programming:

•	Solution of multi-variable problems using a spreadsheet solver and apply sensitivity analysis.

Simulation:

•	Monte Carlo method applied to problems of budgeting, queuing and stock control.

Forecasting:

•	Time series, exponential smoothing and multiple regression.

Summative assessment

Assessment A: Closed book examination, lab based - 2 hours

The weighting of this assessment is 100%