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  • 24210 74771 / 24210 74776
  • Fax: 242107-4772
  • 28hs Octovriou 78, Volos, P.C. 38333

Review

Course outline

1. PRIOR AND POSTERIOR ANALYSIS IN DECISION MAKING: Construction of Payoff tables, Maximin and Maximax payoff criteria, Minimax regret criterion, Payoff tables with and without additional information, Decision trees with additional information

2. LINEAR AND INTEGER PROGRAMMING: Problem formulation, Interpreting the solution – sensitivity analysis, Linear and Integer programming applications to business problems, Solving problems using computer software

3. QUEUING MODELS: Elements of a queuing model and its dynamic evolution, Evaluation criteria of a queuing model in steady-state conditions, Cost models, Capacity determination of a queuing system

4. INVENTORY MODELS: Inventory systems with stochastic demand, Single period inventory models – The newsvendor problem, Continuous review inventory systems (Q,R), Periodic review inventory systems

5. MARKOVIAN DECISION ANALYSIS: Markov Chains, Transition Table and the calculation of steady- state probabilities, Applications of decision making with Markovian processes, Solving problems with computer software

Administrative Structure

Location