Objective: To provide a basic knowledge about operations research and to acquaint the students
some common operations research tools for various business decision marketing situations.
Learning Outcomes:
On completion of the course the students will be able to learn different OR techniques.
III : Network Analysis: Meaning and Objectives – Network Techniques – Managerial
applications of Network Techniques – PERT & CPM – Network diagram – activity – Event –
Dummy Activity – Construction of Network diagram – Numbering of events – Activity & Event
times – Float & Slack – Steps in the application of CPM – Critical activity – Finding of critical path
& Estimated Duration – Time estimates in PERT – Steps involved in PERT calculations – Difference
between PERT & CPM (only simple problems are expected – Crashing of activity timing not
expected) 25 hours
Module IV : Decision Theory: Decision making situations – Decision making under certainty -
Decision making under uncertainty : Payoff, Regret (Opportunity loss), Maximax criterion –
Minimax criterion, Laplace criterion &Huurwics alpha criterion – Decision making under risk :
Expected Monetary Value (EMV) , Expected Opportunity Loss (EOL) , Expected Value of perfect
information (EVPI) – Decision making under competition – Game Theory (Theory only) – Decision
- Teacher: Sreeja K FACULTY