Master of Science in Management Science

MSc (Management Science) zThis degree will provide students with advanced skills in applied statistics, operations research, information technology and data analysis. zCore 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 zThe Industry Project is the cornerstone module that requires students to draw together their scientific knowledge and professional skills to solve real industry problems zStudents, potentially from different streams, will form syndicate groups in the final semester zInitially, projects may include: providing advocacy reports drawing up business plans zLonger term plans…

MSc (Management Science) Operations Research

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

Force Optimisation at Defence Science and Technology Organisation (DSTO), Department of Defence, Australian Government Defence Objectives What types of forces should be maintained? What force strength is required?

Warehouse Design Incoming Products Customer Order History Operations Research Technology Customers Storage Racks Where to store products? …affects order picking Storage location Orders Pick order Savings of 27-43% on order picking costs

Bus Service Optimisation at Melbourne Airport Melbourne Airport Long-Term Car Park How many buses to purchase ? Bus schedule ? Hourly bus requiremen t? Bus driver roster? Bus Sizes ?

Transport & Logistics Red Sea Suppliers Israel, Egypt BRISBANE NEWCASTLE ADELAIDE KADINA PORTLAND GEELONG TOWNSVILLE MACKAY Ship Holds Material A:29400 T Material B:6900 T

Mathematics in Operation Mathematical Solution Method (Algorithm) Real Practical Problem Mathematical (Optimization) Problem  x2x2 Computer Algorithm Human Decision-Maker Decision Support System

A Facility Location Problem

The Role of Statistics in Management 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 of emergency generators: how many are needed, and where should they be stored?

RN roulement : maintaining an active presence abroad, how many vessels required?

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

Hedge fund: Value at Risk estimates Forecasting 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: ›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