Enable the students to find some structured ways of dealing with complex managerial decision problems. (CLO1)
2. Introduce students to simple decision models and management science ideas that provide powerful and (often surprising) qualitative insights about a large spectrum of managerial problems. (CLO2)
3. Provide students with tools for deciding when and which decision models to use for the specific problems. (CLO3)
4. Give the students a feel for the kinds of problems that can be tackled using spreadsheet modeling and decision analysis. (CLO4)
5. Provide the students with more powerful ways of using spreadsheets which will be a ubiquitous tool in their managerial careers. (CLO5)
Assignment Questions (10 Marks)
1) Define the different between linear and nonlinear optimization with example each? (6 marks)
2)
A- How to calculate forecast error?(1 mark)
B- Calculate forecast errorfor December?(1 mark)
Month
Sales
Forecast
Error
September
5500
3000
———
October
7200
4150
———
November
8600
9100
———
December
9300
7900
3)
A- How to calculateforecast weighted moving average?(1mark)
B- Applyforecast weighted moving average formulafor week 2. (1 mark)
(n = 2, W1 = 0.5, W2 = 0.8)
Week
Demand
1
7000
2
4000
3
3000
4
5000