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Lecturer(s)
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Stoklasa Jan, Mgr. et Mgr. Ph.D.
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Course content
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The course focuses on the following topics: - Basic network analysis methods for project management o Basic idea and mechanism of the critical path method (CPM), basic idea of the PERT method o Time optimization and analysis using CPM and PERT, Time and cost optimization using CPM and PERT - Inventory management models o Single product inventory model (basic idea, cost minimization) o Multi-product inventory model o Inventory models with allowed shortage of stock o Stochastic inventory models, simulation - Game theory o Basic problem and assumptions of game theory o Zero-sum games , Non-zero-sum games, Cooperative theory, payoff redistribution o Economic application of game theory models
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Learning activities and teaching methods
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Monologic Lecture(Interpretation, Training), Work with Text (with Book, Textbook), Demonstration
- Homework for Teaching
- 25 hours per semester
- Attendace
- 24 hours per semester
- Semestral Work
- 51 hours per semester
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Learning outcomes
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The course presents the possibilities of application of mathematical models (and their possible benefits) in economical practice. The understanding of basic principles of the methods and even more importantly the development of skills necessary to use these models with the help of appropriate software is the main objective of this course. The course presents to students mathematical tools for efficient project management, for inventory optimization and management and for decision-making with multiple rational decision-makers. The main goal is to guide students through these methods, stress their important aspects. The course should also provide the students with the necessary know-how and skills to be able to successfully use these methods in practice (with the help of appropriate software tools).
After this course, the student will be able to: - Identify appropriate application areas of the discussed models - Apply the knowledge of these models to real life problems from economics and management - Using appropriate software independently solve practical problems, such as for example: o Time analysis of projects with known duration of activities o Time and cost analysis of projects with known duration of activities o Time analysis of projects with unknown (stochastic) duration of activities o Time and cost analysis of projects with unknown (stochastic) duration of activities o Optimization and management of simple inventory systems o Finding optimal strategies in decision-making problems with multiple decision-makers (rational)
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Prerequisites
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Passing a basic mathematics course (introductory/basic calculus) or the ability to find minima and maxima of given functions and understanding of basic mathematical notation is an advantage.
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Assessment methods and criteria
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Dialog, Seminar Work
Seminar paper - a solution of a chosen problem that utilizes the methods discussed within the course + its defence. The paper needs to be submitted via e-mail to jan.stoklasa@upol.cz at least one week before its defence (colloquium). The needs to include the following: - a description of the problem being solved - the description of the data - summary of the methods being used and their assumptions/limitations - the solution of the problem (graphs, tables, calculations can be provided as an appendix) - an interpretation and dicsussion of the results, comment on their generalizability and usefulness - if done in a team (up to 3 people per team are allowed) a clear contribution statement of all the team members needs to be provided The expected length of the paper is 10 pages + appendices (if needed). The paper will be defended by the whole team. During the defence the problem and its solution needs to be presented by the group (15 minutes) and questions concerning the solution and its theoretical background need to be sufficiently answered.
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Recommended literature
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F. S. Hillier, G. J. Lieberman. (2015). Introduction to Operations Research, 10th edition.. New York.
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Jablonský, J. (2007). Operační výzkum.
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M. Maňas. (1991). Teorie her a její aplikace.. Praha.
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P. Dostál, K. Rais, Z. Sojka. (2005). Pokročilé metody manažerského rozhodování.. Praha.
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R. Hušek, M. Maňas. (1989). Matematické modely v ekonomii. SNTL, Praha.
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Srinivasan, R. (2014). Strategic Business Decisions - A Quantitative Approach.
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Varian, H. R. (2014). Intermediate Microeconomics: A Modern Approach, 9th Edition. New York, London.
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