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Management Science > Chapter 2: Introduction to Management Science > Flashcards

Chapter 2: Introduction to Management Science Flashcards

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1
Q

is the broad interdisciplinary study of problem solving and decision making in human organizations, with strong links to management, economics, business, engineering, management consulting, and other fields.

A

Management Science

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2
Q

A problem-solving process used by an interdisciplinary team to develop mathematical models that represent simple-to-complex functional relationships and provide management with a basis for decision-making and a means of uncovering new problems for quantitative analysis.

A

Management Science

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3
Q

Management Science centered around:

A

-Accurate management decision
-Optimal Solutions

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4
Q

one that’s made deliberately and considerately, include important factors

A

Accurate Management Decision

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5
Q

most feasible solution where the objective function reaches the
maximum value

A

Optimal Solutions

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6
Q

turning raw data into useful information

A

Data mining

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7
Q

systematic, quantitative, and visual approach to make decision

A

Decision analysis

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8
Q

-concerned with design, building, use of engines, machines, and structures
-links to MS in the form of quantitative analysis and mathematical modeling.

A

Engineering

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9
Q

techniques that use historical data as inputs to make informed estimates that are predictive

A

Forecasting

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10
Q

-important economic principle
-the study of ways in which economic agents produce outcomes with respect to preferences and utility.

A

Game theory

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11
Q

involves optimization of complex processes, systems, or organization by developing, improving, and implementing integrated systems of people, money, knowledge, equipment, etc.

A

Industrial engineering

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12
Q

How organizations resources are acquired, stored, and transported to their final destination.

A

Logistics Management

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13
Q

system using mathematical concept and languages for management problems.

A

Mathematical modeling

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14
Q

action of making the best or most effective use of situation and resources

A

Optimization

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15
Q

measuring or favorable cases from the whole number of case possible

A

Probability and Statistics

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16
Q

leading the work of a team to achieve goals and meet success criteria at specified time.

A

Project Management

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17
Q

Focuses on efficacy of individuals, groups and organizations in the workplace.

A

Managerial Psychology

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18
Q

assessing the current or predict the future performance of a business process using management science tools

A

Simulation

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19
Q

management science tools: network programming, goal programming,
transportation, trans shipment.

A

Social Network

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20
Q

study of development and functioning of human society

A

Sociology

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21
Q

management of flows of services including managing of raw materials.

A

Supply Chain Management

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22
Q

practice of organizations for them to improve their performance

A

Management Consulting

23
Q

-accomplishing desired goals and objectives using available resources efficiently and effectively
-management science tools: Linear programming – optimal solution – how much product to produce to have good profit?

A

Management

24
Q

-making money by producing, selling or reselling product.
-management science tools:
Project Management, Network and Distribution Models, and Linear Regression Analysis.

A

Business

25
Q

-social science concerned with the production, distribution, and consumption of goods and services.
-management science tools: Theory of Games, Pareto Analysis, Prisoner’s
Dilemma, Nash Equilibrium, etc.

A

Economics

26
Q

Father of Scientific Management

A

Frederick Winslow Taylor

27
Q

Historical Development of Management Science

A

Scientific Management → Operations Research → Management Science

28
Q

Taylor developed his 4 Principles of Management

A

➢ Research – science, not the rule of thumb.
➢ Standardization – match workers to their capabilities rather than assigning just any job.
➢ Control – monitor worker performance and provide instruction.
➢ Cooperation – allocate the work, the division of labor.

29
Q

year when the system included cost
accounting, time study, inventory control, production control, planning, output scheduling, functional operation, standardized procedures, a mnemonic system of classification, and means for maintaining quality production.

A

1905

30
Q

ten years just after World War II

A

The rise of management science under the name of operations research

31
Q

Pioneers of Scientific Management

A

-Frederick Winslow Taylor
-Carl Barth
-Henry Lawrence Gantt
-Sanford Thompson
-Horace Hathaway

32
Q

one of the foreman of scientific management who improved and popularized the industrial use of compounds slide rules.

A

Carl George Barth

33
Q

American mechanical engineer and management consultant who contributed in the studies of industrial efficiency, task and bonus system, and social responsibility of business

A

Henry Lawrence Gantt

34
Q

CHARACTERISTICS OF MANAGEMENT SCIENCE

A

1) Examine Functional Relationship from System Overview
2) Use the Interdisciplinary Approach
3) Uncover New Problems to Study
4) Use Modeling Process Approach to Perform problem Solving
5. A primary focus on managerial decision-making.
6. The application of science to decision-making.
7. A dependence on electronic computers.
8. An appraisal resting on criteria of economic effectiveness.

35
Q

Management Science techniques
could be applied:

A
  • Inventory control
  • Facility design
  • Product-mix determination
  • Portfolio analysis
  • Scheduling and sequencing
  • Merger-growth analysis
  • Transportation planning
  • Design of information systems
  • Allocation of scarce resources
  • Investment decisions (new plants, etc.)
  • Project management – planning and control
  • New product decisions Sales force decisions
  • Market research decisions
  • etc
36
Q

Applications of Management Science

A

-Decision Analysis
-Forecasting
-Project Management
-Linear Programming
-Inventory Models
-Distribution Models
-Network Models
-Markov Analysis
-Theory of Games
-Goal Programming

37
Q

to select optimal strategies out of several decision alternatives

A

Decision Analysis

38
Q

support the manager’s prediction of future aspects of a business operation.

A

Forecasting

39
Q

planning, scheduling and controlling projects that consist of many separate jobs or tasks performed by a variety of departments or individuals.

A

Project Management

40
Q

2 Basic Method of Project Management

A

-CPM (Critical Path Method)
-PERT (Program Evaluation Review Technique)

41
Q

defines the problem as the maximizing (minimizing) a linear function, respecting the set of linear constraints.

A

Linear Programming

42
Q

to find a proper balance between the inventory holding cost and the cost of executing an order.

A

Inventory Models

43
Q

a special type of linear programming.

A

Distribution Models

44
Q

Types of Distribution Problems

A

-Transportation Problem
-Assignment

45
Q

deals with shipments from a number of sources to a number of destinations

A

Transportation Problem

46
Q

deals with finding the best one of the possible “candidates” to a number of proposed “positions”

A

Assignment

47
Q

to find the minimal distance from one city to all other cities.

A

Network Models

48
Q

used to describe the behavior of a system in a dynamic situation (evolution of the system throughout the time).

A

Markov Analysis

49
Q

an extension of decision analysis to the situations with two or more decision makers.

A

Theory of Games

50
Q

a special technique for dealing with such cases, usually within the framework of linear programming

A

Goal Programming

51
Q

Decision Making Process

A
  1. Identify the decision
  2. Gather relevant information
  3. Identify the alternatives
  4. Weigh the evidence
  5. Choose among alternatives
  6. Take action
  7. Review your decision & its consequences
52
Q

Analysis Phase of Decision Making Process

A

-Qualitative Analysis
-Quantitative Analysis

53
Q

based primarily on the manager’s judgement and experience; it includes the manager’s intuitive “feel” for the problem and is more an art than a science.

A

-Qualitative Analysis

53
Q

will concentrate on the quantitative facts or data associated with the problem and develop models or mathematical expressions that describes the objectives, constraints, and other relationships that exist in the problem.

A

-Quantitative Analysis

Management Science (6 decks)

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