Mathematical Economics 1

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Code	Completion	Credits	Range	Language
818ME1	Z,ZK	5	2P+2C	Czech

Garant předmětu:

Lecturer:

Tutor:

Supervisor:

Department of Software Engineering

Synopsis:

The aim of this course is to provide students with a knowledge of the selected models for economics decision. The focus is put on linear models, scheduling projects and project management.

Requirements:

Syllabus of lectures:

1. Economic models and their classification - introduction

2. Formulation of mathematical programming problems with a focus on linear models

3. Transport problem and its solution: MODI method, solution under various types of restrictions

4. Degeneration, multistage transport problem

5. Assignment problem and circular problem and its solution method: Hungarian method

6. Application of graph theory in economics: finding the minimum skeleton of the graph, maximum flow of networks, searching for minimum or maximum path length in the graph.

7. Project management: CPM method

8. Project management: time cost analysis of projects, resource analysis

9. Project management: PERT method

10. Deterministic models of inventory management: EOQ, POQ

Syllabus of tutorials:

The structure of exercises is identical to lectures. Exercises are focused on typical problems from each topic.

1. Economic models and their classification - introduction

2. Formulation of mathematical programming problems with a focus on linear models

3. Transport problem and its solution: MODI method, solution under various types of restrictions

4. Degeneration, multistage transport problem

5. Assignment problem and circular problem and its solution method: Hungarian method

6. Application of graph theory in economics: finding the minimum skeleton of the graph, maximum flow of networks, searching for minimum or maximum path length in the graph.

7. Project management: CPM method

8. Project management: time cost analysis of projects, resource analysis

9. Project management: PERT method

10. Deterministic models of inventory management: EOQ, POQ

Study Objective:

Knowledge: The aim of this course is to provide students with principal methods for economic decisions

Abilities: Students wil be equipped with ability to optimally select and use an appropriate method for their decision making processes.

Study materials:

Mandatory reading:

[1] Taha, H. A.. Operations Research: An Introduction, 10e. London: Pearson, 2017.

[2] Rardin, R. L.. Optimization in Operations Research, 2e. London: Pearson, 2015.