Master of Science in Management Science

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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)

• Operations Research

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What are Operations Research 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 Optimisation atDefence Science and
Technology Organisation (DSTO), Department of
Defence, Australian Government
Defence Objectives
What types of forces should be maintained?
What force strength is required?
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Warehouse Design
Storage Racks
Incoming Products
Pick order
Savings of 27-43 on order picking costs
Where to store products? affects order picking
Storage location
Orders
Customer Order History
Customers
Operations Research Technology
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Bus Service Optimisationat Melbourne Airport
How many buses to purchase?
Bus driver roster?
Melbourne Airport Long-Term Car Park
Bus Sizes?
Hourly bus requirement?
Bus schedule?
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Transport Logistics
Red Sea Suppliers Israel, Egypt
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Mathematics in Operation
Real Practical Problem
?
Mathematical (Optimization) Problem
x2
Mathematical Solution Method (Algorithm)
Computer Algorithm
Decision Support System
Human Decision-Maker
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A Facility Location Problem
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The Role of Statistics inManagement
ScienceSome 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 of emergency
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?

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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 estimates
• Forecasting 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