Decision Science

                                                                                      Syllabus

                                          Code-302- Decision Science

Unit-1

Introduction: Importance of Decision Sciences & Role of Quantitative Techniques in Decision Making. Assignment Models: Concept, Flood’s Technique/ Hungarian Method, Applications Including Restricted, Multiple Assignments and Maximization Objective. Transportation Models: Concept, Formulation, Problem Types: Balanced, Unbalanced, Restriction and Maximization, Basic Initial Solution Using North West Corner, Least Cost & VAM, Optimal Solution Using MODI, Multiple Solution Case to be Considered. (8+2)

Unit-2

Linear Programming: Concept, Formulation & Graphical Solution. Markov Chains: Applications Related to Management Functional Areas, Estimation of Transition Probabilities. Simulation Techniques: Monte Carlo Simulation, Scope, and Limitations. (7+2)

Unit-3

Probability: Concept, Conditional Probability Theorem-Based Decision Making. Probability Distributions: Normal, Binomial, Poisson (Simple Numerical for Decision Making Expected). Queuing Theory: Concept, Single Server (M/M/I, Infinite, FIFO), Introduction of Multi Server (M/M/C, Infinite, FIFO) (Numerical on Single Server Model Expected) (8+2)

Unit-4

CPM & PERT: Concept, Drawing Network, Identifying Critical Path, Network Calculations- Calculating EST, LST, EFT, LFT, Slack, Floats & Probability of Project Completion in Case of PERT. Network Crashing: Concept of Project Cost and its Components, Time and Cost Relationship, Crashing of CPM Network. (8+2)

Unit-5

Decision Theory: Concept, Decision Making Under Uncertainty Maximax, Maximin, Minimax Regret, Hurwicz’s & Laplace Criterion, Decision Making Under Risk (EMV, EVPI) for Items With and Without Salvage Value. Game Theory: Concept, 2 × 2 Zero Sum Game, Pure & Mixed Strategy, Solution of Games with Dominance, Average Dominance Method. Sequencing Problem: Introduction, Problems Involving n Jobs-2 Machines, n Jobs- 3 Machines & n Jobs-m Machines, Comparison of Priority Sequencing Rules. (6+2)