COURSE HOURS (PER
The main purpose of this learning unit is to understand the basic concepts of management science and the importance of using quantitative methods and standards for business decision making.
Project managers are now called upon to utilize modern technologies and techniques (eg robotics and artificial intelligence, etc.), to analyze data and to apply modern decision-making processes that take place in an uncertain, complex and ever-changing environment, where the decision maker tries to balance the objective conditions with the estimates for the possible effects of the alternative actions that can be performed.It is therefore necessary to acquire knowledge in quantitative analysis methods and to develop skills for the effective handling of decision problems in a real business environment.
Specifically, the aim of the course is to develop the skills of learners in capturing, designing, analyzing and solving project management problems through the development and use of mathematical models. The application of quantitative decision-making methods and business research methodologies is a powerful tool for dealing with complex problems of project planning, scheduling and implementation. The goal is also to develop skills in the use of specialized software, and especially tools such as spreadsheets, in the implementation of business research models in a real project management environment.
The content of the course will move in the following axes:
• The Importance of Quantitative Methods in Management Science with an Emphasis on Project Management - Decision Problems
• Quantitative methodologies for analysis, decision making and problem solving in project management
• Linear programming
• Making decisions under conditions of certainty
• Making decisions under conditions of uncertainty
• Network analysis
Upon completion of the course students can:
• Understand the importance of using quantitative methods in the analysis and solution of project management problems.
• To know how appropriate mathematical decision-making models are formed and how they are applied to real project management problems.
• Recognize and apply specific models for analyzing and identifying solutions to a project management problem
• Distinguish the specific conditions (certainty or uncertainty) under which decisions are made and analyze the sensitivity of the proposed solutions
• Use special software to solve problems and then understand and interpret the results appropriately
• Use the appropriate methodology of analysis and determination of the best solution in decision making in project management problems
• To distinguish and define modern techniques and technologies in project management (eg use of robots and drones, utilization of artificial intelligence in predicting failures, analysis of data from past projects, etc.)