STPM Management Mathematics 950 study plan

Formulate two-variable LP models from word problems, writing decision variables, objective function and constraints without reference notes

Solve graphical LP problems by plotting constraints, identifying feasible regions and evaluating corner points

Classify LP outcomes (unique optimum, multiple optima, infeasible, unbounded) and justify each classification from the graph

Set up and interpret shadow prices and slack variables for at least three constraint types

Convert LP models with three or more variables into standard form and solve them with the simplex tableau

Perform sensitivity analysis on objective coefficients and right-hand sides and state the practical meaning of each range

Draw activity-on-node and activity-on-arrow networks from a precedence table, correctly using dummy activities where needed

Compute earliest and latest event times, total floats and the critical path for a 10-15 activity project

Apply crashing analysis to shorten a project at minimum extra cost, tabulating crash cost per unit time for each activity

Construct and interpret Gantt-style schedules and resource profiles from float information

Calculate project duration probabilities using activity-time means and variances with the normal approximation

Distinguish total float from free float and explain how each affects scheduling decisions

Construct payoff tables and opportunity-loss tables from decision scenarios under uncertainty

Apply maximax, maximin, minimax regret, Hurwicz and Laplace criteria to the same problem and compare the recommended actions

Build decision trees with chance nodes and decision nodes and roll them back to find the optimal policy

Compute expected value of perfect information and explain its decision-making significance

Use posterior probabilities from a simple Bayesian revision to update a decision tree

Derive the EOQ formula from total cost and apply it to problems with quantity discounts

Handle EOQ variants including planned shortages, finite replenishment rate and reorder-point determination under lead-time demand

Construct and solve zero-sum two-person games using dominance, saddle-point detection and mixed-strategy methods for 2x2 and 3x3 games

Formulate a game as a linear programming problem and interpret the value of the game

Model single-channel queueing systems using M/M/1 formulas and compute utilisation, average queue length, average waiting times and probability of n customers

Apply Little's formula to relate system length, queue length and waiting times

Solve multi-channel M/M/c problems and compare their performance against the equivalent single-channel system

Interpret queueing results in managerial terms such as staffing levels and service targets

Compute moving averages, weighted moving averages and exponential smoothing forecasts and select smoothing constants by error comparison

Decompose a time series into trend and seasonal components and calculate seasonal indices

Measure forecast accuracy with MAD, MSE and MAPE and interpret each

Construct Laspeyres, Paasche and Fisher price and quantity indices and explain the differences

Apply index-number techniques including base shifting, splicing and deflating a value series

Solve simple and compound interest problems including effective rates, continuous compounding and equivalent rates

Evaluate investment appraisal methods (NPV, IRR, payback, discounted payback) and reconcile conflicting rankings

Compute annuities, sinking funds, loan amortisation schedules and net present value of perpetuities

Integrate techniques from at least three domains into a single management modelling problem and defend the assumptions made