Module Details

The information contained in this module specification was correct at the time of publication but may be subject to change, either during the session because of unforeseen circumstances, or following review of the module at the end of the session. Queries about the module should be directed to the member of staff with responsibility for the module.
Title OPERATIONAL RESEARCH: PROBABILISTIC MODELS
Code MATH268
Coordinator Dr AB Piunovskiy
Mathematical Sciences
Piunov@liverpool.ac.uk
Year CATS Level Semester CATS Value
Session 2016-17 Level 5 FHEQ First Semester 15

Aims

To introduce a range of models and techniques for solving under uncertainty in Business, Industry, and Finance.


Learning Outcomes

After completing the module, the students should be familiar with a range of techniques for solving probabilistic problems arising in OR and Mathematical Finance.


Syllabus

1

Decision analysis: strategies and decision trees.

Multiobjective optimisation.

Forecasting: errors and accuracy, moving average, exponential smoothing, seasonal effects.

Queuing Theory: M/M/1, M/M/K and similar Markov models.

Simulation: pseudo-random generators, universal and special algorithms (Polar, Von Neumann, etc). Simulation of stochastic processes including queues.


Recommended Texts

Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module.
Explanation of Reading List:

Pre-requisites before taking this module (other modules and/or general educational/academic requirements):

MATH101; MATH162; MATH102; MATH103  

Co-requisite modules:

 

Modules for which this module is a pre-requisite:

 

Programme(s) (including Year of Study) to which this module is available on a required basis:

Programme:GN11 Year:2

Programme(s) (including Year of Study) to which this module is available on an optional basis:

Programme:G100 Year:2 Programme:G101 Year:2 Programme:G110 Year:2 Programme:G1N2 Year:2 Programme:G1N3 Year:2 Programme:G1R9 Year:2 Programme:G1X3 Year:2 Programme:GG13 Year:2 Programme:GR11 Year:2 Programme:GG14 Year:2 Programme:GV15 Year:2 Programme:G1F7 Year:2 Programme:BCG0 Year:2 Programme:L000 Year:2 Programme:Y001 Year:2

Assessment

EXAM Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
Unseen Written Exam  2.5 hours  First semester  90  Yes  Standard UoL penalty applies  Assessment 2 Notes (applying to all assessments) Coursework assignments: This work is not marked anonymously. Exam rubric: All answers to Section A will be taken into account. The highest scoring three answers to Section B will be taken into account. Section A is worth 55% of the total marks and Section B is worth 45%.  
CONTINUOUS Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
Coursework    First semester  10  No reassessment opportunity  Standard UoL penalty applies  Assessment 1: eight homework assignments and mid-term test There is no reassessment opportunity,