Modelling & Analysis for Management

This module introduces you to the ideas of modelling and to the relevance of modelling for management. You will consider a variety of approaches that are commonly used in a business and management environment. The energy industry makes extensive use of models and simulations for operational and strategic decision-making. You will discuss examples during the module.

As a manager you must be able both to extract information from data for decision-making and to think analytically about problems in situations where there is uncertainty or incomplete information. This module will help you understand a variety of means in which data may be processed in order to obtain usable decision-making information.

The module's emphasis is upon you being a critical consumer of quantitative information and quantitative modelling. You will look at the context and process of modelling rather than the technicalities underlying specific modelling approaches. You will examine some modelling approaches in detail as well as consider the interpretations placed upon the output of the models.

The content of this module is split into three aspects:

Context: understand the purpose of modelling and analysis and where it might be applied within the energy sector.

Content: explore some specific methods of modelling and analysis including quality control, regression analysis, linear programming, and simulation.

Process: discuss the process of investigating business problems by modelling and analysis.

By the end of this module you will be able to:

Identify energy industry situations where modelling and analysis tools may be applied
Understand the requirements for, and benefits and pitfalls of, applying modelling and analysis tools.