Managerial Economics and Operations Research, Specialization Course

This course covers methods and theory for coordination and control of companies and company networks. Economical incentives are discussed in connection with planning models. The course will focus on economical analyzes of relations between companies that cooperate, network economy and treatment of uncertainty. Furthermore, formulating and structuring complex and large optimization problems will be emphasized. Also, different advanced solution methods for mixed integer problems will be covered. Applications of optimization and decision support from industry and public sector will be presented. Advanced use of commercial optimization software will be focused. Finally, the course covers research methodologies useful for the course TIØ4500 Managerial Economics and Operations Research, Specialization Project.

The position and function of the course in the study program: This course is one of several specialization courses of which all MTIØT students need to choose one in their 9th semester. This course is an important course to fulfill learning objective 4.2, in the detailed list of learning objectives for MTIØT The course will convey the following knowledge: - Methods for planning flow of goods and information in value chains - The effect of different auction forms in value chain cooperation - Use of game theory in economic analyses - Formulation of complex optimization problems The course will develop the student's skills such they are able to: - Formulate models for analysing value chains that their organization participate in - Formulate and structure different real planning problems as optimization problems - Understand and argue about the best solution method to use for a given real problem - Implement real optimization models by use of commercial optimization software - Do game theoretic analyses of planning problems in their organization - Analyse scientific texts - Structure and write a scientific report including a scientific literature study - Design and perform an experimental study within Operations Research Other important learning objectives: - Convey general knowledge about economic analyses and practical optimization connected to planning problems with both economical and technical aspects - Convey basic knowledge to be able to communicate reasonably well both with business people and engineers about combined business and technical problems.

The course consists of lectures and seminars.