Master of Science in Management Science

1. Master of Science in Management Science

2. 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

3. 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…

4. MSc (Management Science) Operations Research

5. 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

6. 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?

7. 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

8. 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?

9. 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

10. Mathematics in Operation Real Practical Problem  Mathematical (Optimization) Problem x2 Mathematical Solution Method (Algorithm) Computer Algorithm Decision Support System Human Decision-Maker

11. A Facility Location Problem

12. The Role of Statistics inManagement ScienceSome Examples

13. Estimating race car performance as a function of spring stiffness, weight and down-force, for different tracks

14. Air Traffic Control: design and analyse man-in-the-loop simulation trials of a new computer system. Allow for varying traffic density

15. Modeling frequency, duration and severity of power cuts Simulating the supply of emergency generators: how many are needed, and where should they be stored?

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

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

18. Hedge fund: Value at Risk estimates Forecasting the value of your stock portfolio

19. Business Subjects in the MSc in Management Science

20. 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

21. 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

22. 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

23. 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

24. 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

25. 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

26. 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

27. 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