Master of Science in Management Science
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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

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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 OptimisationatDefence 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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Ship Holds

TOWNSVILLE

10000

10000

10000

MACKAY

200

7000

7000

BRISBANE

3400

80

KADINA

NEWCASTLE

16500

1400

ADELAIDE

2500

3000

PORTLAND

1500

GEELONG

5500

2500

Material A: 29400 T

Material B: 6900 T

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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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 simulation trials of a new computer system. Allow for varying traffic density

Simulating the supply of

emergency generators:

how many are needed,

and where should they be stored?


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RN roulement : simulation trials of a new computer system. Allow for varying traffic density

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 on site; how many spare parts to store centrally?

Forecasting the value of your stock portfolio


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Business Subjects in the MSc in Management Science on site; how many spare parts to store centrally?


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What is Offered? on site; how many spare parts to store centrally?

  • 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 on site; how many spare parts to store centrally?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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Bus on site; how many spare parts to store centrally?iness 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 on site; how many spare parts to store centrally?, 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 on site; how many spare parts to store centrally?: 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 on site; how many spare parts to store centrally?

  • 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 on site; how many spare parts to store centrally?

  • 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 on site; how many spare parts to store centrally?

  • 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