## Course Description

**Course: APPLIED OPERATIONAL RESEARCH **

**Code: QNT401**

Semester: B

**Tutor: **Dimitrios Giokas

**Aims and Objectives:**

The aim of the course is to familiarize students with several decision modelling techniques of operational research that can be used to solve a wide range of problems occurring in business operations. These techniques are part of the scientific methodology known as Management Science/ Operational Research and are widely used in practice. This is the second course in Operational Research techniques, is the continuation of Techniques of Mathematical Programming (QNT303), and covers project planning, inventory control (deterministic models) and introduction to simulation. Particular emphasis in this course is given on model formulation, solution techniques and interpretation of the results. Appropriate software will be used to solve the problems*.*

Contents:

I. PROJECT PLANNING

1.Formulating and solving a general Network problem. Determination of the critical path, determination of the floats. 2.Project Evaluation and Review Technique (PERT). Probability considerations in project scheduling. 3.Critical Path Method. Cost considerations in project scheduling. 4. Resource leveling

II. INTRODUCTION TO SIMULATION

1. Nature and scope of simulation applications. 2. The role of random numbers. Generating random numbers. 3. Techniques for generating values of a random variable. 4. The simulation Procedure.Monte CarloProcess. Some elementary applications.

III. INTRODUCTION TO BASIC INVENTORY MODELS

1. Introduction. 2. The nature of inventory problems. 3. Costs involved in inventory models 4. Deterministic inventory models: (The EOQ (Economic Order Quantity), EOQ with uniform supply, EOQ with quantity discounts). 5. EOQ with many items.

**Course Books**:

Prastacos, G, “Management Science”, Stamoulis Editions, 2000, in Greek.

- D.Giokas, “Notes for Mathematical programming techniques”, lecture notes, in Greek.

**Other books**:

- Hillier, Frederick S., Lieberman, Gerald J., Introduction to Operations Research, Seventh Edition, McGraw-Hill, 2001.
- Taha H.A. Operations Research: An Introduction, Eighth Edition, edition, Prentice Hall, 2006.