MN4043 Business Modeling and Analysis

This course introduces mathematical modeling for a sound conceptual understanding of the decision-making process. This course familiarizes the students with applications, assumptions, and limitations of the quantitative methods in modeling. It focuses on the development of mathematical and spreadsheet models, the verification of those models, sensitivity analysis of the solutions generated from a model, and the implementation of those solutions. Some of the topics covered include linear programming, non-linear and integer programming, simulation, and forecasting. The process of modeling and particular modeling tools are applied to business problems in finance, acquisition, logistics and manpower planning. Prerequisites: None.

Lecture Hours

Lab Hours

Course Learning Outcomes

Students will be:

· Able to construct and analyze methodological framework for the operational and strategic decision-making.

· Use methodologies such as optimization, simulation, and decision analysis for a sound conceptual understanding of decision–making process.

· Able to recognize applications, create assumptions, and assess limitations of the quantitative methods in modeling.

· Develop and solve mathematical models for the class of problems using commercial software.

· Study ‘real-world’ situations and formulate mathematical models representing that class of problems.