Master of Science in Management Science. MSc (Management Science) zThis degree will provide students...
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Master of Science in Management Science
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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
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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…
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MSc (Management Science)MSc (Management Science)
Operations Research
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What are Operations Research What are Operations Research problems?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
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Force OptimisationForce Optimisation atat
Defence Science and Technology Organisation (DSTO), Defence Science and Technology Organisation (DSTO),
Department of Defence, Australian GovernmentDepartment of Defence, Australian Government
Defence Defence ObjectivesObjectives
What types of forces should be
maintained?
What force strength is required?
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Warehouse DesignWarehouse Design
Incoming Incoming ProductsProducts
Customer Customer Order HistoryOrder History
Operations Research Operations Research TechnologyTechnology
CustomersCustomers
Storage RacksStorage Racks
Where to store Where to store products?products?
……affects order affects order pickingpicking
Storage Storage locationlocation
OrdersOrders
Pick Pick orderorder
Savings Savings of 27-of 27-
43% on 43% on order order
picking picking costscosts
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Bus Service OptimisationBus Service Optimisationat Melbourne Airportat Melbourne Airport
Melbourne Airport Melbourne Airport Long-Term Car ParkLong-Term Car Park
How How many many
buses to buses to purchasepurchase
??
Bus Bus scheduleschedule
? ?
Hourly bus Hourly bus requiremenrequiremen
t? t?
Bus driver Bus driver roster? roster? Bus Bus
SizesSizes??
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Transport & LogisticsTransport & Logistics
Red Sea Suppliers
Israel, Egypt
BRISBANE
NEWCASTLEADELAIDE
KADINA
PORTLAND
GEELONG
TOWNSVILLE
MACKAY
25003000
55002500
1500
165001400
3400
10000 10000 10000
7000 7000
Ship Holds
Material A: 29400 TMaterial B: 6900 T
200
80
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Mathematics in OperationMathematics in Operation
Mathematical Solution Method (Algorithm)
Real Practical Problem
Mathematical (Optimization) Problem
x2
Computer Algorithm
Human Decision-Maker
Decision Support System
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A Facility Location ProblemA Facility Location Problem
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The Role of Statistics inManagement Science
Some Examples
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Estimating race car performance as a function of spring stiffness, weight and down-force, for different tracks
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Air Traffic Control: design and analyse man-in-the-loop simulation trials of a new computer system. Allow for varying traffic density
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Modeling frequency, duration and severity of power cuts
Simulating the supply ofemergency generators:how many are needed,and where should they be stored?
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RN roulement :maintaining an active presence abroad, how many vessels required?
R.O.P. R.O.P.M 1 T1
Level 1
M 2 T2
Level 2
Fleet Time
M3 T3Dep. Dep.Dep.
Operating Period (O.P.)
Level 3
M4 T4
Level 4
M4 T4
Level 4
Dep. Dep.Dep.
Reduced Operating Period (R.O.P.)
M4 T4
Level 4
M4 T4
Level 4Mx = MaintenanceTx = TrainingDep. = Deployment
O.P. O.P. O.P. O.P.
Upkeep time
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Supply of telephone equipment: how many spare parts to keep on site; how many spare parts to store centrally?
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Hedge fund: Value at Risk estimatesForecasting the value of your stock portfolio
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Business Subjects in the MSc in Management Science
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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
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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
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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
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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
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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
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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
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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
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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