Management Science & Operational Research – (M.Sc.)

Contents

You will be taught by experts from our Operational Research & Management Science(ORMS) group. As well as theoretical knowledge, you will also gain the practical knowledge and experience that you need. Testimonials from our graduates show how this intensive course will boost your career prospects. You will be assessed by 20 percent exams and 80 percent coursework and tests.

The course comprises:

• Five core modules
• Five elective modules
• A project and dissertation.

Our MSc in Management Science & Operational Research course usually lasts for one year full-tme, running from October to September. It is possible to study the course part-time over two or three years through regular two-day module blocks, followed by visits for supervision during your project.

CORE MODULES:

Particular aspects of operational research and management science are crucial to your expertise. Our core modules are designed to cover these. They provide a common ground of expertise among the participants and a greater opportunity for shared learning.

In order to gain expertise in the core elements of operational research and management science, you will be required to complete the following modules:

1. Management Science & Operational Research Techniques:

This module develops your knowledge and understanding of a wide range of operational research techniques. Your emphasis is on the role of modelling processes in decision support making.

In the module you will learn the theoretical underpinnings of the main operational research techniques and the range of applications for which they are useful. You will also gain practical experience in modelling and problem solving using Excel Solver and Lindo/Lingo software.

The module will give you the opportunity to demonstrate your ability to create, evaluate, and assess a range of options together with your capacity to apply ideas and knowledge to a range of situations.

By the end of the module, you will be able to address a practical problem by:

• Formulating a model
• Selecting the most efficient method to tackle the problem
• Using appropriate software to solve the model
• Report on the findings using a range of media which are widely used in business.

Topics usually covered include:

• Spreadsheet modelling
• Optimisation modelling: Linear and Integer Programming
• Probabilistic modelling: Inventory Model, Elements of Stochastic Processes
• Simulation Modelling: Monte Carlo.

There is usuallly the opportunity to study this area in greater depth in the elective module Simulation Methods where you can use software provided in partnership with Lanner.

2. Foundations of Management:

This module will give you an intensive introduction to the major components of management: operations management, accounting, marketing, and organisational behaviour. You will look at to the theory and practice of these management disciplines in order to provide a context within which operational research is employed.

This module is taught by a mix of experts from various WBS groups in addition to the Operational Research & Management Science (ORMS) group including:

• Marketing & Strategic Management (MSM)
• Accounting
• Operations Management (OM)
• Industrial Relations & Organisational Behaviour (IROB).

It will make you aware of alternative concepts, techniques, and frameworks for diagnosing and dealing with management issues in organisations. It will also develop your problem solving and analytical skills in case based analysis of organisations.

Marketing

Apply a critical perspective to evaluate the strategic position of a business in relation to its market.

Accounting

Learn the basic concepts in accounting and finance, and develop your knowledge of major financial statements. You will also identify, analyse, and present appropriate information that assists managers in their decision making.

Operations Management

Develop an appreciation of the challenges encountered by operations managers in manufacturing and service organisations, and an understanding of some of the key principles of operations management. You will analyse the major components of operations management, and learn how to apply the principles and methods in manufacturing contexts.

Organisational Behaviour

Evaluate management initiatives including team-working, re-structuring, TQM, and culture management, in terms of core organisational behaviour concepts such as control, freedom, autonomy, and identity. You will be encouraged to challenge management theory and view management as a contested political and social activity.

3. Business Statistics:

This module provides you with a foundation in the collection, analysis, and presentation of quantitative data. You will examine the basic elements of probability and statistics that are essential to management science and operational research.

The module will see you undertake computer-based analysis using a statistics package. This will teach you to critically evaluate basic statistical analysis, and report on the results of this to others, both verbally and in writing.

Topics usually covered include:

• Basic probability and Bayes' theorem
• Probability distributions
• Sampling distributions and confidence intervals
• Hypothesis testing
• Simple and multiple regression
• Sample and questionnaire design and analysis
• Chi-squared distribution
• Minitab usage.

There is usuallly the opportunity to study this area in greater depth in the elective module Exploring Multivariate & Forecasting Models.

4. Spreadsheet Modelling:

This module recognises the essential role that computing plays in operational research (OR). Through it, you will develop hands on experience, as well as modelling and design skills, and an understanding of the role of popular business computing tools.

Taught by the module will expand both your conceptual and practical understanding of spreadsheets and the problems they can address.

You will concentrate on OR applications such as simulation, stochastic processes, and general data management. You will build and specify applications that both meet the requirements and are usable and well documented. Your focus will be on combining methodological rigour with practical problem-solving techniques, as well as computer programming for control and usability of custom applications.

Topics usually covered include:

• Conceptual modelling
• Design and implementation
• Basic model building and formatting
• Data validation
• Data analysis and simulation techniques
• Charts and special functions
• Computer programming: syntax, structure, routines, interaction.

5. Conducting Management Projects:

This module will teach you how to undertake management projects using model-based approaches in organisations. You'll practise a range of modelling approaches and explorethe circumstances in which they might be applied. You'll also learn to select the right approach and tools for the problem.

You will explore the theory, and practice the general approaches and skills necessary to use modelling techniques effectively. You will also gain good practical experience for a career in consultancy later.

Discover how to structure your approach to solving organisational problems, and formulate, test and validate models which produce recommendations to alleviate them. Learn to conduct literature reviews, conduct interviews, make individual and group presentations, prepare project proposals, and write technical reports.

Topics covered will include:

• Management projects: the role of modelling
• The project context: sponsor, client; significant stakeholders
• The project stages: inception, modelling, and implementation
• Problem structuring methods: cognitive mapping, rich picturing
• Models and modelling
• Model verification and validation
• Data collection
• Model implementation
• Project proposal preparation
• Conducting literature reviews
• Report writing and presentation skills
• Interviewing skills
• The reflective practitioner.

The module uses a mix of lectures, directed reading, group and individual exercises, case studies, and video to help you explore the field. You will be assessed 40 percent by a group presentation and report on model-based projects carried out in a particular industry. The remaining 60 percent will come from a 2,000 word individual report on a model-based case study.

By the end of the module you will have:

• Understood the nature of model-driven management projects
• Explored the practical issues involved in developing quantitative and qualitative models
• Practised the consultancy skills needed to conduct successful organisational interventions.

ELECTIVE MODULES:

Elective modules enable you to gain expertise in areas that are of particular interest to you. You will be able to select five modules from a range in the field of operational research and management science.

The modules that are likely to be available include:

1. Mathematical Programming & Heuristics:

This module gives you a sound foundation in various aspects of optimisation. Understand why mathematical programming and, more broadly, optimisation, is at the centre of OR.

Learn how other subjects within OR, such as decision making processes and analysis of efficiency, employ optimisation techniques. Study advanced methods of mathematical programming and apply them to practical problems. This module is assessed by essay and test.

Topics covered include:

• Advanced linear and integer programming
• Dynamic programming
• Combinatorial and network optimisation
• Non-linear optimisation
• Modern heuristics.

By the end of the module you will be able to:

• Recognise and formulate a practical problem as an optimisation program
• Solve the model using an appropriate method and explain the results of analysis
• Appreciate the limitations of any model and assumptions made
• Use Excel Solver and other similar software.

2. Simulation Methods:

In this module, you will compare and contrast discrete-event simulation with system dynamics. Learn their theoretical underpinnings and the range of applications for which they are useful. Gain practical experience in problem solving using commercial simulation software.

The module builds on the coverage of Monte Carlo simulation in the Management Science & Operational Research Techniques core module. You will perform a simulation study using conceptual modelling, data collection and analysis, experimentation, and verification and validation. This module is assessed by an essay, and exercises in system dynamics.

Topics covered include:

• The discrete-event simulation method, and software (Simul8 or WITNESS)
• Causal loop diagrams, stock and flow diagrams
• Time-handling in system dynamics
• System dynamics software (Powersim or Vensim)
• Delays and chains
• Stock control and supply chain management
• Development and use of system dynamics models.

By the end of the module you will have:

• Understood the nature and application of discrete-event simulation and system dynamics
• Developed a working knowledge of a discrete-event simulation and system dynamics software package
• Learned how to develop and use a simulation for investigating a problem situation.

In this module, we use software provided in partnership with Lanner.

3. Exploring Multivariate & Forecasting Models:

This module gives you the opportunity to study a more advanced area of statistical study. It builds upon the earlier Statistics core module. Explore current forecasting methods and develop your competence in their use.

The forecasting element is built around a series of exercises which use time series models on typical real problems. The multivariate statistics element offers you an exploratory hands-on approach to a range of multivariate techniques. The module is assessed by two essays.

Topics covered include:

• Back fit models
• State space models
• Local parameter estimation
• Arima Models
• Categories of multivariate analysis
• Initial Analysis
• Variable Reduction Methods.

By the end of the module you will have:

• Understood the ideas, principles, assumptions, and limitations of common models
• Appreciated how the models relate to each other
• Applied models to real data sets, conducting analyses using software
• Produced reports investigating real data sets
• Understood error measurement, and how to use it to monitor forecasting systems
• Understood the issues and measures available to help choose the most suitable model.

4. Comparative Efficiency Assessment :

In this module you will explore methods for assessment of the comparative efficiency of organisational units. Learn to use these to identify role model units which less efficient units can emulate, and performance targets at which they might aim.

Learn to use Data Envelopment Analysis (DEA) models, and to manage performance through them. The module is assessed both by an essay and by group work and presentations.

Topics covered include:

• Introduction to concepts of efficiency
• Decision making units
• Production functions
• Technical and price efficiency
• Relative and absolute efficiency
• DEA models and their underlying theory
• DEA program assessment: window analysis, resource allocation, target setting
• DEA models under weights restriction
• DEA model under variable returns to scale
• Estimating the nature of returns to scale
• Hybrid returns to scale.

By the end of the module you will be able to:

• Identify the variables on which assessment of units can be based
• Carry out an assessment on a set of units using data envelopment analysis
• Interpret and use the results of comparative efficiency assessments
• Assess the advantages and shortcomings of the alternative methods of comparative efficiency assessments.

5. Supporting Strategy:

This module will help you explore how models and analytical techniques can support the strategic development process. You will be introduced to a conceptual model of the strategic planning process, which identifies a set of essential elements. You will then focuses on strategy formulation, systems modelling, assessment of uncertainty, and evaluation and selection of strategic options.

The module will a variety of teaching methods including lectures, directed reading, group-based tutorial exercises, and computer-based exercises. You will use cases, examples, and practical exercises to gain an understanding of the range of methods and models available to support the development of effective strategies.

Topics covered will usually include:

• Corporate modelling
• Scenario planning
• Strategy evaluation
• Gaming
• Visioning
• Risk analysis
• Balanced scorecard
• Stakeholder analysis.

There are no exams for this module, all assessment is through coursework: 80 percent between two 2,000 word essays, and 20 percent through a group presentation.

By the end of this module you will be able to:

• Select and use a variety of methods in practical situations
• Demonstrate an appreciation of how the methods can be incorporated within a planning process.

6. Data Warehousing & Business Intelligence:

This module will give you the fundamental knowledge in the adoption of data warehousing technologies to build business intelligence capacity. You will gain hands-on experience in the design and use of the SAP data warehousing system and an online analytical processing (OLAP) software package.

The module uses lectures, case studies, directed reading, and computer lab sessions to equip you with a sound appreciation of the factors affecting successful deployment of enterprise data management solutions.

Business intelligence enables an organisation to sense and respond to the demands of its competitive environment. This module will will equip you for an IS and / or management role by providing you with insights for decision-making via interactive analysis of enterprise data.

Topics covered will usually include:

• The nature and application of business intelligence practices and data warehousing technologies
• Data querying using OLAP
• Data warehousing architecture and development
• Data warehouse implementation with SAP Business Warehouse
• Data warehouse project management
• Data mining and other key current business intelligence applications
• Challenges in enterprise data management.

Assessment is 75 percent by two essays each of 3,000-4,000 words. The remaining 25 percent will come from data warehouse querying and / or OLAP work.

By the end of the module you will have:

• Demonstrated an understanding of the nature and /use of data warehouse technology and enterprise business intelligence practices
• Developed a working knowledge of a major enterprise data warehousing system and OLAP software
• Developed and used a data warehousing system
• Learned how to query information from databases and data warehouses
• Critically evaluated the adoption/use of data warehouse systems and business intelligence practices for achieving organisational benefits.

The choice of elective modules is dependent on participant demand and staff availability. You will be told about any changes to the modules on offer.

If you have substantial previous knowledge of particular areas of the course it may be possible to perform appropriate project work or more or fewer management options if arranged in advance.

DISSERTATION

At the end of your taught studies, you will undertake a project for an external organisation. We employ a Practice Link Manager to organise this for you. The project requires you to apply your knowledge of operational research to solve a real problem experienced by a real company. This gives you the opportunity to apply the techniques and theories you have learned during the taught modules. At the end of the project you will write a 15,000 word dissertation.

You will present your project proposal in term three and will be expected to demonstrate consideration of the purpose, method and presentation of the results. You will submit a draft report by the beginning of September, and your final dissertation must be presented by mid-September.

Funding details

We strongly advise you to arrange funding for your time at WBS as early as possible.

Scholarships

In 2011-2012, we are offering more than 80 WBS scholarships for UK/EU students,
worth over £400,000. We automatically consider all eligible applicants to WBS courses, while funds are available.

We strongly recommend that you apply for a place on your chosen course as early as possible if you'd like to be considered.

WBS Scholarships

WBS Scholarships are intended for participants who are likely to be in the top 20 percent of their class. You must bring both outstanding experience and diversity of background to the class, and be a successful ambassador for WBS following graduation.

Warwick Scholarships

The University of Warwick Graduate School also offers some scholarships which may be available to applicants. You will generally need to apply for these separately.
Scholarships are usually awarded towards payment of your academic fee. Some funding sources have deadlines, some closing as early as February in the year of entry.

Banks & loans

Your bank might be able to offer you preferential borrowing rates on a loan, or an interest-free overdraft. You might want to make an early appointment with a bank representative to discuss your requirements.

Some United Kingdom banks may offer you a Career Development Loans (CDL), backed by the Government. The scheme is available to those intending to work in the United Kingdom or European Union countries. It can help fund up to two years of study.

Overseas students

There is some funding available for overseas students who are studying in the UK. However, available funding is usually awarded on a competitive basis and there are often many applicants for few awards.

The University of Warwick International Office's web site holds lots of information on funding for overseas students.

It may be possible to apply in your own country for British government awards. Talk to your local British Council office. In particular, overseas students are able to apply for a British Chevening Scholarship.

Check the conditions of eligibility in the booklets produced by the different grant-awarding bodies to see if you are eligible. Sometimes you may be able to put together small grants from different agencies, one paying fees alone while another contributes to your living expenses or travel.