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 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

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)MSc (Management Science)

Operations Research

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

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?

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

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??

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

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Mathematics in OperationMathematics in Operation

Mathematical Solution Method (Algorithm)

Real Practical Problem

Mathematical (Optimization) Problem

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Computer Algorithm

Human Decision-Maker

Decision Support System

A Facility Location ProblemA Facility Location Problem

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The Role of Statistics inManagement 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 ofemergency generators:how many are needed,and where should they be stored?

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

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

Hedge fund: Value at Risk estimatesForecasting the value of your stock portfolio

Business Subjects in the MSc in Management Science

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

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

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 organisation

› 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 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