Operations Research

The application of mathematical and statistical models and methods in quantitative modeling and programming of various economic problems in the function of efficient business decision-making and management of business systems.

After passing the exam in this subject the students will, by applying a systematic approach and continuous complex research, be able to optimize the solutions of given economic problems.

Scope and purpose of the Operations Research; Matrix games; Models of inventory management; Dynamic programming; Queuing theory; Equipment replacement models; Simulations.

A work method will be adapted to the topics addressed. Results of the normative decision theory will be addressed within the classical lectures and exercises, while the students will actively participate in classes in the field of behavioral theory. Instead of traditional lectures and exercises, the classes are organized as a unique process and with the full participation of students: through their individual and group presentations, seminar papers, as well as through the analysis of cases where students are in the role of different participants in decision-making.

Classical lectures and exercises. The case studies. Repetition exercises in small groups. Colloquium I (0-20 points); Colloquium II (0-20 points); Final exam (0-50 points); Attendance (2point); Class activities (seminar papers, discussions, case studies) (0-8 points)

Aquilano, N. J.; Chase, R. B.; Jacobs, F. R. (2006). Operations Management for Competitive Advantage. McGraw-Hill, Irwin; Backović, M.; Rakočević, S. (2003). Operations Research. Podgorica: Faculty of Economics; Backović, M.; Vuleta, J. (2008). Economic-Mathematical Methods and Models. Belgrade: Faculty of Economics. Zečević, A. (2000). Operations Research. Belgrade: Belgrade School of Business.