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CONTENTS
Course Outcomes and Objectives Learning Outcomes Readings Learning Process Support for Your Learning Course Assessment Regulations Expectations Using Unfair Means Coursework Task 1: Spread sheet Functions Coursework Assessment Task 2: Assessed Business Plan Individual Coursework Assessment Task 2a: Assessed Presentation-Individual Coursework Assessment Task 3: Mid Term Test 1 Weekly Coverage Week 1: Management Decision Science: An Introduction Week 2: Business Modelling and Business Plans Decisions Using Ms-Excel Week 3: Linear Programming, Linear Programming Models: Graphical and Computer Methods Week 4: Linear Programming Modeling Applications with Computer Analysis in Excel Week 5: Linear Programming and Sensitivity Analysis Week 6: Transportation, Assignment and Network Models Week 7: Decision Analysis Week 8: Simulation Modeling 02 04 04 06 07 07 08 08 09 10 11 12 13 13 14 15 16 17 18 19 20 21
Auro University http://www.aurouniversity.edu.in The School of Management & Entrepreneurship process of decision making. In the modern times, spread sheets have been used and are in vogue in the process of teaching decision making. The course contents are also taught in the name of operations research /management science /decision modelling/ Managerial Decision Modeling with spread sheets / Business Modeling / MS-Excel and Business Modeling. The course aims at imparting the various tools of decision making at the workplace and the spread sheet skills so that the MBA participants are comfortable to take decisions at the workplace by modelling the real world alternatives and scenarios using spread sheet modelling. This module handbook outlines the essential readings and references for the course and will act as a reference guide for the full semester. The students will acquire the spread sheet skills and the decision making skills by applying them on real world problems and situations. Through self-study and group working elements, first part of the course introduces students to the various functions, functionalities and applications of MS-Excel 2010 in its current form and how it is used in Business Modelling and decision making. Spread sheet based decision modelling is gaining prominence in the corporate world gradually. The MBA participants are expected to optimally integrate the knowledge of decision making tools and the knowledge regarding Ms-Excel to integrate the two in order to optimize resources and to facilitate decision making process. The students shall also be motivated to combine their power to logically model and analyse decision making scenarios with software-based solution procedures. The students are required to focus on acquiring skills needed to apply decision models to different types of organizational decision making situations. It also aims at introducing the student towards developing business plan by taking series of associated and interlinked decisions and develop financial projections, business plan report and powerpoint presentation reflecting the various decision making skills acquired during the course by completing a business plan. The objectives of the course are to: Develop spread sheet skills of the students to assist them in the process of decision making Develop Decision modelling and spread sheet modelling skills. Provide an introduction into management decision making through the application of various management techniques Develop an understanding of how such techniques fit into the wider management processes Enable the student to assess the reliability and usefulness of any information generated by quantitative techniques Enable the student to justify decisions made with quantified data using spread sheets. Enable the students to optimize resources using spread sheet skills. Enable the students with Linear Programming Modelling Applications with Computer Analysis in Excel with application in various domain areas of management.
Learning Outcomes:
Through your own self-study of the reading materials outlined in this handout, your participation in your Management Decision Making Assignments and through lectures, workshops and seminars, you should be able to: Understand decision models, their importance, types, steps in developing decision models, problems in developing business models Understand the Linear programming model, formulating a linear programming problem, graphical solution of a linear programming problem with two variables, minimization of linear programming problem, setting up and solving linear programming problems using Excels Solver Model a wide variety of linear programming problems in various application areas for LP problems, including manufacturing, marketing, finance, employee staffing, transportation, blending and multi period planning Understand using graphs, the impact of changes in objective function Appreciate at an introductory level the decision making using Ms-Excel Reflect on the nature and types of management decisions in the corporate world using various tools and techniques of spreadsheet and modern simulation tool and add-in like crystal ball.
Readings:
Albright, Winston & Zappe (2009), Decision Making Using Microsoft Excel, South Western Cengage Learning Anderson, David R. & Sweeney, Dennis J. & Williams, Thomas A. (2007), An Introduction to Management Science-Quantitative Approaches to Decision Making, South Western Cengage Learning Balakrishnan, Nagraj & Render, Barry & Ralph M. Stair Jr (2008) Managerial Decision Modeling with Spreadsheets, 2nd Edition. Pearson Bhat, Shridhara K, (2011), Operations Research, First Edition, Himalaya Publication Bridgeland, David M., & Zahavi, Ron (2009) Business Modeling A Practical Guide to Realizing Business Value, Morgan Kaufmann Dodge, Marke & Stinson, Craig (2010), Microsoft Excel 2010 Inside Out, PHI Gilboa, Itzhak (2011), Making Better Decisions Decision Theory in Practice, Wiley-Blackwell
Gipp, Jennifer (2008), Spotlight on: Spreadsheets, 2nd Edition, Thomson Cengage Learning Hillier, Frederick S. & Hillier, Mark S. (2011), Introduction to Management Science A Modeling and Case Studies Approach with Spreadsheets, Fourth Edition, McGraw Hill Irwin Hillier, Frederick S. & Lieberman, Gerald J. (2010) Operations Research, Special Indian Edition, Fourth Edition, Tata McGraw Hill Jechlitschka, Kurt & Kirschke, Dieter& Schwarz, Gerald (2007), Microeconomics Using Excel: Integrating Economic Theory, Policy Analysis and Spreadsheet Modeling, Routledge Taylor and Francis Group Powell, Stephen G., & Baker, Kenneth R. (2009), Management Science The art of Modeling with Spread sheets, 3rd Edition, John Wiley & Sons Ragsdale, Cliff T.(2011), Spread sheet Modeling & Decision Analysis: A Practical Introduction to Management Science, 6th Edition, South Western Cengage Learning Sharma, Anand (2011), Operations Research, Himalaya Publishing House Sharma, J.K. (2011), Operations Research, Reprinted 2011, Macmillan Tennent, John & Friend, Graham (2010), Guide to Business Modelling, First South Asian Edition 2010 Mayes, Timothy R., & Shank Todd M.(2012), Financial Analysis with Microsoft Excel, South Western, Cengage Learning Whigham, David (2011), Business Data Analysis using Excel, Indian Edition, Oxford University Press Winston, Wayne L. (2010), Excel-Data Analysis and Business Modeling, Microsoft Press In addition to the texts mentioned above, it is important to keep abreast of current /contemporary business news / issues by reading the pink dailies from India and abroad as the same facilitates the decision making process from a holistic view angle in the light of the exponentially dynamic business environment. A daily dose of leading pink dailies is highly recommended among but not limited to The Economic Times, Financial Express, Business Line, The Wall Street Journal etc. Most of these are available in the University library and are also available free of charge on the internet (If you are unsure of web address, search for the relevant newspaper using www.google.com). For e.g. The economic Times -www.epaper.timesofindia.com
Learning Processes:
Your learning for the Management Decision Making course will be mainly by lectures, seminars, self-study and through your assignments, research and business plan development. The students will work on the various functions of Ms-Excel and their application on a daily basis and will work on 20 functions daily and mail it to the tutor on a daily basis. The demo examples will be done in the class. This is important to have a very strong understanding and skill development. The students are required to work in groups as well. The entire class is to be divided in group of four students. The group is likely to be 1-4, 5-8, 9-12 and so on. The students will do ungraded group assignment from the book Excel and Business Modelling and will email the group assignment on a daily basis to the Instructor. The assignment will comprise four chapters every day. Each student of the group will work on one chapter and will integrate the four chapters before sending it to the instructor. The daily assignment at individual level and the group level will facilitate a lot in the process of the Business Plan. Graded Assignment (40%) The daily assignment is an important pre-requisite for the assessment of the business plan. The students are required to submit a business plan in hard copy and soft copy to the program office by 10AM in 8th week. The students will be required to submit the business plan in one of the Indian / International Business Plan Competitions. Their awarded grades will be provisional till such time they submit the participation certificate in Business Plan Competition. The project groups will be notified to you in the week 1 of the course. (Please Note: Please consult / contact your tutor regarding any guidance/support during the course) It is expected that students will co-ordinate their group and arrange meetings etc. to complete the necessary tasks during their own time. If you are having problems with the group working element, please contact your module leader, but remember that it is your responsibility to arrange to meet up as a group and co-ordinate the necessary information gathering.
Please note:
Lectures, workshops and tutorials for the module are compulsory for all students. It will be assumed by the module leader in all assessments (coursework and examinations) that students have attended all the classes.
Course Assessments:
Coursework Assessments (40%) and Mid Term Test (20%)
The assessment for the Management Decision Making course will be made up of the following coursework elements: % Semester 1: Individual Business Plan Break-Up Ms-word Project Plan 20 Financial Projections -.xls 10 Powerpoint Presentation (5 PPT+5 class presentation) 10 th Mid Term Test (5 Week/any other dated informed in adv)20 60 For the group/individual project element each team/individual member is expected to complete a proportionate share of the group assignments. The allocation of specific tasks is the responsibility of the group. Please note: The institute reserves the right to adjust course work marks after coursework has been returned to students in order to ensure that the course work marks have an appropriate distribution.
Examination
The Management Decision Making examination element will comprise a short discursive section of four questions, from which you will have to answer two questions. The specimen exam questions would be similar to the problems discussed in the class during the workshop and the solved and unsolved problems mentioned in the recommended text book. questions.
Regulations:
Late Submission of Work
Coursework submitted after the deadline, but within two working days (48 hours) of that deadline will be awarded a maximum mark of 45%. All coursework submitted after two days will normally be awarded a Zero F grade. Extension for medical reasons or extenuating circumstances must be agreed with the Module Leader in advance of the deadline where possible and supported by medical evidence where appropriate. Problems with printing and binding will not normally be accepted as valid reasons for lateness.
Attendance Regulation
All students are required to maintain above 70% attendance. Any student who is falling short of the 70% attendance rule will be allowed to take the main exam / coursework. However, in such case 10 marks will be deducted from the total marks for the concerned module. However no student will fail due to the above ruling (for example if a student has scored anywhere between 45 to 55 marks the marks will be capped at 45).
Expectations:
There are a number of expectations for your study on this module which you should be aware of. These are that you will: Adhere to the guidelines vis--vis submission deadlines; weekly readings and tasks; practice tests schedule Regularly log-in to check on the Auro University server for announcements (and material) pertaining to this module Attend all the face to face sessions and regularly connect with module/workshop leaders for any clarification pertaining to the module Be aware of the plagiarism norms of the Auro University and take care not to infringe upon the any of the same
Coursework Task 1:
Ungraded The students will work on the various functions of Ms-Excel and their application on a daily basis and will work on 20 functions daily and mail it to the tutor on a daily basis. The demo examples will be done in the class. This is important to have a very strong understanding and spread sheet skill development. The students are required to work in groups as well. The entire class is to be divided in group of four students. The group is likely to be 1-4, 5-8, 9-12 and so on. The students will do group assignment from the book Excel and Business Modelling and will email the group assignment on a daily basis to the Instructor. The assignment will comprise four chapters every day. Each student of the group will work on one chapter and will integrate the four chapters before sending it to the instructor. The daily assignment at individual level and the group level is the pre-requisite for the assessment of the Business Plan.
A reference list should be provided at the end of your business plan, which refers only to those sources, books, articles and website addresses you have actually used in writing your essay. The reference list is not included in the word count. AURO has adopted the Harvard system of referencing(see Appendix 2).
Auro University http://www.aurouniversity.edu.in The School of Management & Entrepreneurship IMPORTANT: Plagiarism is a SERIOUS ACADEMIC OFFENCE. Please ensure you appropriately acknowledge the source of your ideas and attribute quotations as appropriate, as these coursework will be routinely checked for plagiarism using plagiarism software. DEADLINE: This piece must be word processed in Microsoft Word and submitted in both soft and hard copy. The deadline for submission will be in the 8th week of first block of second semester. Exact date and time will be latest before 10 AM. Please Note: late mark penalties will be applied if both hard &soft copies of your groups piece are not submitted by the deadline. The hard copy must contain a signed coursework declaration sheet. Please ensure your name is included on the hard and soft copy of your business plan. Please note: The University reserves the right to adjust coursework marks after course work has been returned to students in order to ensure that the coursework marks have an appropriate distribution.
NOTE:
See Appendix 2 for Harvard Referencing See Appendix 3 for a checklist to be used for coursework submissions.
General guidance on presentation and how you will be judged are provided in Appendix 6.
Auro University http://www.aurouniversity.edu.in The School of Management & Entrepreneurship Practicalities: In doing presentations, please remember you will only have the facilities available in the lecture room, so you will need to check what is there in the room in advance of the presentation? Your tutor will bring along whiteboard pens, but you will need to arrange for any other materials which you wish to use for your presentation (e.g. overhead transparencies, handouts). Do not assume there will be computer projection facilities, and even if there is, you must bring overhead transparencies as a back-up. NOTE: See Appendix for Guidance on Presentation.
Assessment Task 3
Mid Term Test 1 There will be a mid-term test in the week 5/6 from the course coverage of the earlier weeks. The test will comprise of two sections. Section I will be of 20% weightage comprising of Business Problems. The students will be allowed to use Ms-Excel 2010and access the book if they so desire.
Weekly coverage:
WEEK
SEMESTER 1 Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 Ms-Excel, Spreadsheets and Decision Making Business Data Analysis using Ms-Excel and Introduction to Managerial Decision Making Linear Programming, Linear Programming Models, Graphical and Computer Methods Linear Programming Modeling Applications with Computer Analyses in Excel Linear Programming Sensitivity Analysis Transportation, Assignment and Network Models Decision Analysis Simulation Modeling
COVERAGE
Lecture Outline Introduction to the course, delivery and assessment. Introduction to Group Project and related modalities. What do you mean by Management Decision Making? Why study Management Decision Making? What constitutes the process of Management Decision Making? Stakeholders in a business decision making process Spreadsheets and use of spreadsheets in the process of Management Decision Making
SEMINAR FOR WEEK 01 Class Discussion: How does spreadsheet help in Management Decision Making? How does the various functions in Ms-Excel help in the process of Management Decision Making? What is decision modelling?
READINGS FOR WEEK 01 Tennent, John & Friend, Graham (2010), Guide to Business Modelling, First South Asian Edition 2010, Chapter 1& 2
Auro University http://www.aurouniversity.edu.in The School of Management & Entrepreneurship Mayes, Timothy R., & Shank Todd M.(2012), Financial Analysis with Microsoft Excel, South Western, Cengage Learning, Chapter 1& 2 Whigham, David (2011), Business Data Analysis using Excel, Indian Edition, Oxford University Press, Chapter 1& 2 Winston, Wayne L. (2010), Excel-Data Analysis and Business Modeling, Microsoft Press, Chapter 1& 2
WEEK 2: Business Modelling and Business Plans Decisions Using Ms-Excel - Business Data Analysis Using Excel
Learning Outcome
How Ms-Excel functions help in the various Decision Making processes What are the various types of functions in Ms-Excel How the Ms-Excel Functions are applied in real world problems What are the applications and uses of Ms-Excel Functions in Business Modeling What are the various tools and techniques in MS-Excel which help us in Management Decision Making and Business Modeling
What are the various key factors and variables which must be reflected in business plan How Ms-Excel can help us in preparing projected financial statements so as to produce future projections of finance
Lecture Outline Ms-Excel functions and Business Modeling Financial Projections using Ms-Excel Financial Decision Making using Ms-Excel Business Modeling and Business Planning
Seminar for Week 2 What is Business Modeling? What are the various key factors and aspects to be incorporated in a business plan?
Auro University http://www.aurouniversity.edu.in The School of Management & Entrepreneurship READINGS FOR WEEK 2 Business Modelling by The Economist : PP 1-282 Balakrishnan, Render, Stair (2012) Managerial Decision Modeling with Spreadsheets, 2 nd Edition, Pearson : Chapter 1
WEEK 3: Linear Programming, Linear Programming Models: Graphical and Computer Methods
Learning Outcome Having attended this lecture, students should have an understanding: Introduction to Linear Programming Formulation of Linear Programming Application of Linear Programming Linear Programming and Ms-Excel Decision Making with Linear Programming Profit Maximization, Cost Minimization and Resource Optimization Understand the basic assumptions and properties of Linear Programming (LP) Use graphical procedures to solve LP Problems with only two variables to understand how LP Problems are solved Understand special situations such as redundancy, infeasibility, unboundedness, and an alternate optimal solution in LP problems Understand how to set up LP Problems on a spreadsheet and solve them using Excels Solver. Lecture Outline Objectives of LPP Formulation and graphical solution of LPP Solution of LPP using Ms-Excel Calculation of feasible and optimal solution Graphical solution of a linear programming problem with two variables
Auro University http://www.aurouniversity.edu.in The School of Management & Entrepreneurship A minimization Linear Programming Problem Special Situations in solving Linear Programming Problems Setting up and solving Linear Programming Problems using Excels Solver
Discuss LPP as a strategic tool for profit maximization, cost minimization and resource optimization.
Reading For Week 3 Balakrishnan, Render, Stair (2012) Managerial Decision Modeling with Spreadsheets, 2nd Edition, Pearson : Chapter 2
Lecture Outline Introduction Manufacturing Applications Marketing Applications Finance Applications Employee Staffing Applications Transportation Applications
Auro University http://www.aurouniversity.edu.in The School of Management & Entrepreneurship Blending Applications Multiperiod Applications
Seminar For Week 4 Classroom Exercise o Discussion based on Classroom activity (based on excel examples and problems mentioned in the relevant chapter of the text book )
Reading For Week 4 Balakrishnan, Render, Stair (2012) Managerial Decision Modeling with Spreadsheets, 2 nd Edition, Pearson : Chapter 3
Lecture Outline Introduction Sensitivity Analysis using Graphs Sensitivity Analysis Using Solver Reports Sensitivity Analysis for a Larger Maximization Example Analyzing Simultaneous Changes by Using the 100% Rule Pricing Out new Variables
Auro University http://www.aurouniversity.edu.in The School of Management & Entrepreneurship Sensitivity Analysis for a Minimization Example
Seminar For Week 5 Classroom Exercise o Discussion based on Classroom activity (based on excel examples and problems mentioned in the relevant chapter of the text book ) Discussion Question: o How do we use sensitivity analysis with Ms-excel for Maximization and minimization cases? Reading For Week 5 Balakrishnan, Render, Stair (2012) Managerial Decision Modeling with Spreadsheets, 2 nd Edition, Pearson : Chapter 4
Auro University http://www.aurouniversity.edu.in The School of Management & Entrepreneurship Transportation Models with Max-Min and Min-Max objectives Transshipment Model Assignment Model Maximal-Flow Model
Classroom Exercise Discussion based on Classroom activity (based on excel examples and problems mentioned in the relevant chapter of the text book ) Discussion Question: Questions pertaining to Transportation, Assignment and Network Models in Chapter 5 of the text book. Reading For Week 6 Balakrishnan, Render, Stair (2012) Managerial Decision Modeling with Spreadsheets, 2nd Edition, Pearson : Chapter 5
Auro University http://www.aurouniversity.edu.in The School of Management & Entrepreneurship Lecture Outline Introduction The Five Steps in Decision Analysis Types of Decision-Making Environments Decision Making under Uncertainty Decision Making under Risk Decision Trees Using TreePlan to solve Decision Tree Problems with Excel
Classroom Exercise o Discussion based on Classroom activity (based on excel examples and problems mentioned in the relevant chapter of the text book ) Discussion Question: o Questions pertaining to Decision Analysis in Chapter 8 of the text book
Reading For Week 5 Balakrishnan, Render, Stair (2012) Managerial Decision Modeling with Spreadsheets, 2 nd Edition, Pearson : Chapter 8
Lecture Outline
Management Decision Science
Auro University http://www.aurouniversity.edu.in The School of Management & Entrepreneurship Introduction Monte Carlo Simulation Role of Computers in Simulation Simulation Model to compute Expected Profit Simulation Model of an Inventory Problem Simulation Model of a Queuing Problem Simulation Model of a Revenue Management Problem
Seminar For Week 8 Class Discussion: What is the role of Simulation modelling in organizational decision making process? Reading For Week 8 Balakrishnan, Render, Stair (2012) Managerial Decision Modeling with Spreadsheets, 2 nd Edition, Pearson : Chapter 10
APPENDIX 1
Structure and Argumentation Is there a helpful introduction? Is effective reasoning used? (Do you supporting points with explanation, illustration, justification, evidence?) Are headings / subheadings helpful? Are the points in logical order? Does the paragraphing help the reader understand the argument and flow of ideas? Is there one topic per paragraph? Are there clear breaks between paragraphs to show where they start and end? Is it clear how the ideas link together? (both within and between paragraphs)
Style, appropriateness and accuracy of language Is a formal style used, including full paragraphs (not notes or bullet points)? Is it clear and easy to follow (not too cryptic or overcomplicated)? Is English grammar used accurately e.g. tenses, word endings etc. Is the punctuation clear and accurate e.g. full stops. commas, semi-colons? Is the spelling accurate?
Referencing conventions: Within the text Are citations given in the text for all the source material used? Are direct quotations given in quotation marks with surname, date and page number where available? Are paraphrase summary and quotation used appropriately (eg. not too much quotation)? Are sources which the student has read for her/himself acknowledged clearly with surname and date? Are indirect sources - ones the students has not read him/herself but has seen mentioned by other writers acknowledged properly, giving the original source? E.g.(Kim and Um 2003 cited in Brown 2004) Are websites cited in the text concisely (i.e. author/organisation and date only)? Are all the sources acknowledged within the text also included in the reference list at the end?
In the reference list at the end Are the references in alphabetical order of surname, with the surname first followed by the initial(s}? For books, are all the details included? (author, date, title, place of publication and publisher.) For journal articles, are all the details included? (author, date, journal title, volume/issue number, page range.) Are journal titles and book titles given in italics? For electronic sources are all the details included? (author/organisation, date, full URL and date accessed)
Useful websites for academic writing and relevant issues http://www.uefap.co.uk/ http://owl.english.purdue.edu/ (US English) http://www.bradford.ac.uk/ acad/management/external/els/informationsheets. php (for management students - excellent overall advice, especially on referencing) http://www.brad.ac.uk/acad/management/external/els/pdf/refandbib.pdf) http://unilearning.uow.edu.au/main.html http://www.writing.utoronto.ca/advice/generaI/generaI-advice http://www.lancs.ac.uk/depts/celt/sldcl?openpage
A final thought... Consider the reader of your report.... They will only have limited time to read your B-Plan report, and so it is important that your argument is clear and focused; there should be a concise and coherent argument throughout. A common mistake in B-Plan reports is to report on everything. This is not necessary! It is important to focus on the key focus areas. Additional material should be placed in an appendix, but be selective. However, if you include material in an appendix, it is important to refer this in the main text of your B-Plan report. The examiner would judge the report on the following grounds: 1. Structure (Relevant to Topic & Topic Covered in Depth) 2. Argument (Logically Developed Argument) 3. Originality (Creative Thought) 4. Style (Fluent & Succinct Writing) 5. Presentation (Legible & Well Set Out) 6. Sources (Adequate Acknowledgement) 7. Mechanics (Spelling & Grammar) Please note: The indications are provided to help you. There is not necessarily a straightforward relationship between them and your final grade. Categories are not equally weighted and other factors will be taken into account.
Please note: The indications are provided to help you. There is not necessarily a straightforward relationship between them and your final grade. Categories are not equally weighted and other factors will be taken into account.
Management Decision Science