Master of Management Studies (M.M.S) Decision Models in Management Syllabus - Mumbai University 2026

Course objectives

• 1 To introduce foundational principles of operations research and their managerial applications in structured decision-making.
• 2 To train students in formulating and solving linear programming, assignment, and transportation models.
• 3 To build analytical reasoning through the application of game theory, decision theory, and queuing models to business problems.
• 4 To foster evaluation of competing business strategies using optimization tools and simulation-based analysis.
• 5 To enable creation of decision models that prioritize innovative and optimal solutions in diverse managerial scenarios.

Course outcomes

• CO1: RELATE basic concepts of operations research
• CO2: TRANSLATE the concepts of operations research and connect with business scenarios
• CO3: APPLY optimization techniques for decision making in business
• CO4: EVALUATE various scenarios of management and business using decision models
• CO5: PRIORITIZE solutions to the business problems related to operations research
• CO6: FORMULATE innovative solutions related to decision models

Unit 1 CO1, CO2 · 3 hours

Introduction to Operations Research Definition of OR, Features of OR, OR-Quantitative Approach to Decision-making, Methodology of Operations Research, Application of Operations Research

Unit 2 CO3, CO4 · 3 hours

Linear Programing: Formulation and Graphical Solutions Structure and assumptions of LP model, Application areas of LP, Guidelines for LP model formulation

Unit 3 CO5, CO6 · 3 hours

Two variable LP model, Graphical LP model (maximization and minimization), Duality and Sensitivity Analysis

Unit

Assignment Problem (AP1):

Unit 4 CO3, CO4 · 3 hours

Mathematical Model of Assignment Problem, Enumeration Method, Transportation Method

Unit 5 CO3 · 3 hours

Assignment Problem (AP2): Simplex Method and Interpretation (Maximization and Minimization (two phase and Big M), Hungarian Method (Steps and numerical)

Unit 6 CO3, CO4 · 3 hours

Transportation Problem (TP1): Methods for finding initial solution: Vogel's Approximation Method (VAM), Northwest Corner Method, Least cost methods (LCM), Application areas of TP

Unit 7 CO3, CO4 · 3 hours

Transportation problem (TP2): Optimal Solution: The Stepping Stone Method, Modified Distribution (MODI) Method and special cases

Unit 8 CO2, CO3, CO4 · 3 hours

Game Theory Introduction to Game Theory, 2 person zero sum game, Pure Strategies (Games with Saddle points), Limitation and Application of Game Theory, Rule of dominance

Unit 9 CO4, CO5 · 3 hours

Decision Theory Introduction, Steps in decision making process,types of decision environment (Under certainty, under risk, under uncertainty) , Decision making under uncertainty (optimism (maximax or minimin), pessimism (maximin or minimax), equal probabilities (laplace), coefficient of optimism (hurwicz), regret (savage)), Decision tree

Unit 10 CO3, CO4 · 3 hours

Queuing Theory Introduction, structure of queuing system (arrival process, service system, speed of service, queue structure (FIFO, LIFO, Service in Random order, Priority Service), Queuing models (deterministic and probabilistic model theory)

Text Books

• 1 Operation Research – An introduction- Hamdy Taha, Prentice Hall of India
• 2 Quantitative Techniques in Management –N. D. Vohra, Tata McGraw Hill
• 3 Operations Research Theory and Applications- J. K. Sharma, Macmillan Business books

Reference Books

• 1 Principles of Operations Research –Wagner, Prentice Hall of India
• 2 Operations Research- Hilier, Liberman, Tata McGraw Hill
• 3 An introduction to Management Science – Anderson Sweeney Williams, Cengage Learning.