KL6001 - Optimisation and decision analytics

You will learn through a sequence of lectorials which combine formal lectures and hands on experience using computer software. Classes will be scheduled in our modern computer laboratories enabling you to apply the techniques presented in the lecture part of the session and, in this way, deepen your understanding of the material and develop your practical skills. This, in turn, develops your confidence to explore the subject area further as an independent learner outside the classroom.

Formative feedback is available weekly in the classes as you get to grips with new techniques and solve problems. In addition, we operate an open door policy where you can meet with your module tutor to seek further advice or help if required. Your ability to select appropriate techniques and use the appropriate computational approach to solve simulation problems is assessed in a lab-based exam after the first semester whereas your ability to appraise various business problems and the wider area of linear programming and develop appropriate mathematical solutions is also tested in a laboratory exam at the end of the module.

General feedback on assessments will be given in class followed by individual feedback. An opportunity to discuss work further will be available on an individual basis when work is returned and also through our open door policy.

Direct contact with the teaching team during the lectorials will involve participation in both general class discussions as well as one to one discussions during the hands-on part of the class. This gives you a chance to get immediate feedback pertinent to your particular needs in this session. Further feedback and discussion with the teaching team area are also available at any time through our open door policy. In addition, all teaching materials and supplementary material (such as interesting articles) are available through the e-learning portal.

All modules at Northumbria include a range of reading materials that students are expected to engage with. The reading list for this module can be found at: http://readinglists.northumbria.ac.uk
(Reading List service online guide for academic staff this containing contact details for the Reading List team – http://library.northumbria.ac.uk/readinglists)

Knowledge & Understanding:
1. Determine appropriate statistical methods to generate pseudorandom numbers for a variety of statistical distributions and evaluate their suitability.
2. Formulate, analyse and solve optimisation problems in a business context using linear programming techniques.

Intellectual / Professional skills & abilities:
3. Develop the appropriate linear programming technique for the given problem, use the appropriate software to generate relevant metrics and evaluate the results to create a report
4. Test the randomness of generated pseudorandom numbers and critically assess their usefulness.

Personal Values Attributes (Global / Cultural awareness, Ethics, Curiosity) (PVA):
5. Interpret and critically analyse the mathematical aspects of selected business problems, obtain solutions and interpret those solutions.

SUMMATIVE
1. Lab based examination (50%) – 1,3,5
2. Lab based examination (50%) –2,3,5


Formal examinations at the end of each semester

FORMATIVE
Formative assessment will be available on a weekly basis in the lectorials through normal lecturer-student interactions, allowing them to extend, consolidate and evaluate their knowledge.

Formative feedback will be provided on student work and errors in understanding will be addressed reactively using individual discussion. Solutions for laboratory tasks will be provided after the students have attempted the questions, allowing students to receive feedback on the correctness of their solutions and to seek help if matters are still not clear.

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‘Optimisation and Decision Analytics’ is designed to introduce students to the operational research methods that apply to specific business problems. You will learn about a range of linear programming techniques as well as Monte Carlo simulation – topics created to analyse and solve everyday business problems. This subject area was created during the Second World War to solve practical problems and, as such, is a very practical subject.

You will learn through a series of lectorials which combine formal lectures and hands on experience using computer software. Classes will be scheduled in our modern computer laboratories enabling you to apply the techniques presented in the lecture part of the session and, in this way, deepen your understanding of the material and develop your practical skills.

On this module, you will learn to solve problems in a variety of areas that apply to business. The module is assessed using two examinations - each examination based on the material given in one semester. The examinations are based on computer laboratories so that you can use the practical skills that you have learnt throughout the module to solve problems.