Sequential decision models
Dr Richard Egudo
6 points * Second semester * 5 hours per week * Gippsland/Distance * Prerequisites: GAS1631, GAS2711
Objectives Building on linear programming this subject introduces network optimisation modelling concepts and nonlinear programming; develops understanding and skills for constructing networks that represent a management decision problem; achieves a basic understanding and ability to develop dynamic programming models for decision problems; develops an understanding of the need and role played by necessary and sufficient conditions for optimality; allows the student to acquire skills for solving network models and nonlinear optimisation problems; allows students to acquire the ability to develop or apply optimisation software; develops awareness and understanding in the importance for decision makers' involvement in all stages of the modelling process.
Synopsis This subject introduces students to different techniques in modelling decision problems as sequential decision models. It aims to develop students' ability and understanding of modelling decision problems using sequential decision techniques; to introduce students to various techniques for solving sequential decision modelling problems and to give students an appreciation of the limitations inherent in each technique. Topics include an introduction to different types of decision models including non-linear, quadratic and geometric programming models; formulating management problems as decision models; solution techniques for the introduced decision models and typical applications; introduction to sequential (dynamic) programming models, separable functions, recursive equations and limitations; network models including maximal flow, minimal spanning tree, shortest path, travelling salesman and Chinese postman problems; project planning and scheduling with limited/unlimited resources (CPM and PERT methods); use of computer software for solution of problems. For on-campus students, the program will usually involve three hours of lecture plus two hours of workshop per week. The workshop will involve case studies, problem solving, use of computer software and group work. For distance students, detailed study materials will be issued weekend schools may be organised to provide the opportunity for enrichment exercises via lecture/workshop mode.
Assessment Assignments: 40% * Examination: 60%
Prescribed texts
Glover F, Klingmour D and Phillips N V Network models in optimization and their applications in practice Wiley, 1992
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