Stochastic OR Methods

Learning Outcomes

Learning Outcomes

Having successfully completed this module you will be able to:

• demonstrate skills in technical report writing.
• demonstrate practical skills in decision analysis, modelling queueing and inventory systems and calculating the reliability of systems.
• demonstrate knowledge and understanding of the concepts and applications of the following five topics: queuing systems, inventory systems, reliability theory, decision theory and simulation.
• understand how to implement and analyse a discrete event simulation model using Simul8 software.
• demonstrate gained skills in using computer software and programming.
• demonstrate skills in team working.

Queuing Systems: Basic elements of a queue and applications of queuing systems.

Inventory System: EOQ models, newsboy models, inventory model with stochastic demand.

Reliability Theory: Reliability of a component, reliability of a system, maintenance models, reliability and economics.

Decision Theory: Bayes’ rule, value of information, Decision trees, and utility.

Simulation: The emphasis is on simulation computing skills, which are developed in computer labs based on the SIMUL8 package.

Lectures cover: the concept of randomness; and sampling from probability distributions including discrete and continuous models.

Twelve 2-hour OR techniques lectures

Twelve 1-hour OR techniques tutorial sessions

Three 2-hour simulation lectures

Six 1-hour simulation computer sessions

Summative

This is how we’ll formally assess what you have learned in this module.

Referral

This is how we’ll assess you if you don’t meet the criteria to pass this module.

Repeat

An internal repeat is where you take all of your modules again, including any you passed. An external repeat is where you only re-take the modules you failed.