MSc Business Analytics: Operational Research and Risk Analysis / Course details

Operations Management (OM) is a core field of management encompassing the design, operation and improvement of the processes and systems employed in the creation and delivery of an organisation’s products and services. Essentially, operations management is concerned with explaining how factories and services work. Managing operations well requires both strategic and practical skills and is critical to every type of organisation. It is only through effective and efficient utilisation of resources that an organisation can be successful in the long run.

This course focuses on developing students’ understanding of the foundations of Operations Management. The primary objective is to familiarise students with the basic theories, principles, techniques, methods, and applications of operations management within a variety of industries. Topics include Operations Strategy, Quality Management, Process Analysis, Capacity Management, Inventory Management, Enterprise Resource Planning (ERP), Lean Production, the Theory of Constraints (TOC), and Service Operations Management. Throughout the course different theories, principles and practices will be discussed, the focus is on using these techniques to manage and improve operational performance.

Why should you study operations management? A solid understanding of Operations Management (OM) is necessary in all careers. For example:

1) Good knowledge of OM tools (such as analytical tools using Operations Research techniques for addressing Operations Management problems) is highly valuable for employees, production managers, Operations Directors and management consultant.

2) Detailed knowledge of OM is required for Managing Directors to understand the cost and benefits of combining the companies’ operations in a merger or acquisition scenario.

3) Good understanding of OM is needed for a marketing manager when they want to develop new products that leverage the established production processes.

4) Good knowledge of OM is required for a finance manager to evaluate the capital investment proposals in a better way

Above all, good knowledge of OM is mandatory if you plan to start your own company!

* Required for CIPS accreditation

BMAN70081 Programme Req: BMAN70081 is only available as a core unit to students on MSc Operations, Project & Supply Chain Management and as an elective to students on MSc Business Analytics

BMAN70081 is only available as:
• A core unit to students on MSc Operations, Project & Supply Chain Management
• An elective to students on MSc Business Analytics
 

To introduce students to the core topics of Operations Management at the start of their MSc degree.

•  To cover issues associated with Operations Management that are not explicitly covered in other parts of the MSc programme.

• To show how the various topics within the field of Operations Management are integrated in managing operations functions.

• To provide a view of operations management that encompasses service and manufacturing applications.

Introduction to Operations Management.

Operations Strategy

Total Quality Management

Lean Synchronisation

Capacity Management

Inventory Management

Enterprise Resource Planning

Process Analysis

Innovation and New Product/Service Development

Risk, Failure, and Recovery in Operations Management

Knowledge and Understanding

KU1: Describe the evolution and contribution of operations strategy and operations management.

KU2: Explain and compare main quality control practices:
Zero-defects philosophy
Total Quality Management (TQM)
Statistical Process Control (SPC)
Six Sigma

KU3: Explain and compare key capacity management strategies:
Level capacity strategies
Chase demand strategies
Demand management strategies
Yield management
Scheduling

KU4: Explain the role of Enterprise Resource Planning (ERP) systems in contemporary operations planning.

Intellectual Skills

IS1: Identify main service operations management practices and analyze how they improve service performance.

IS2: Explain the value of:
Economic Order Quantity (EOQ)
Reorder Point
Reorder Level
Safety Stocks
Just In Time (JIT) systems

IS3: Analyze key operations management phenomena in everyday and organizational contexts.

IS4: Compare different types of factory layout and conduct operational process analysis.

Practical Skills

PS1: Compare different approaches to process mapping and analysis.

PS2: Specify attributes of the Lean Production System and apply them using Toyota’s principles, tools, and practices.

PS3: Apply core operations management concepts to real-world problems through case studies.

Transferable Skills and Personal Qualities

TS1: Apply operations management tools and techniques to solve complex real-world business problems across industries.

TS3: Propose innovative solutions to improve operational performance by identifying inefficiencies in dynamic business environments.

Formal Contact Methods

Minimum Contact hours: 20 

Delivery format: Lecture and Workshops 

Individual Report (40%)

Written Examination (60%)

 

• Informal advice and discussion during lectures, seminars, and workshops.
• Responses to student emails and questions, including feedback via online discussion forums.
• Specific course-related feedback sessions.
• Written and/or verbal comments on assessed and non-assessed coursework.
• Feedback following group or individual presentations.
• Generic feedback on overall examination performance posted on Canvas.

Slack, N., Brandon-Jones, A., & Burgess, N. (2022) Operations Management (10th ed.), Pearson Publishers, London.