ECON-409 | Operational Research

Introduction

This module aims to introduce students to use quantitative methods and techniques for effective decisions–making; model formulation and applications that are used in solving economic and business decision problems.

Learning Outcomes

The course contents of the subject serve following objectives:

Be able to understand the characteristics of different types of decision-making environments and the appropriate decision making approaches and tools to be used in each type.
Be able to build and solve Inventory Models and Assignment Models.
Be able to design new simple models, like: CPM, PERT to improve decision –making and develop critical thinking and objective analysis of decision problems.

Readings

Hamdy A. Taha, Operational Research an Introduction (8th ed.), Pearson.
Hiller, F.S. and Lieberman, G.J., Introduction to Operations Research (9th ed.), McGraw-Hill, 2009.