Introduction to Management Science

Question 1

It 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.

Answer 1

Management Science

Question 2

“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.”

Answer 2

Management Science

Question 3

the Father of Scientific Management

Answer 3

F.W. Taylor

Question 4

4 Principles of Management

Answer 4

Research, Standardization, Control, Cooperation

Question 5

He brought the use of research mathematics, which he merged with his extensive knowledge of machine tools.

Answer 5

Barth

Question 6

He contributed the recognition of worker psychology.

Answer 6

Gantt

Question 7

4 major characteristics of Management Science

Answer 7

1. Examine Functional Relationships from a Systems Overview
2. Use the Interdisciplinary Approach
3. Uncover New Problems for Study
4. Use a Modeling-Process Approach to Problem Solving

Question 8

These techniques can be used to select optimal strategies out of several decision alternatives. It is divided into 3 classes: deterministic, probabilistic, and uncertainty

Answer 8

Decision Analysis

Question 9

It supports the manager’s prediction of furure aspects of business operation. Statistics and econometrics offer many techniques based on time-series and regression analysis. Moving Averages, Least Squares, and Exponential Smoothing

Answer 9

Forecasting

Question 10

In many situations the managers are responsible for planning, scheduling, and controlling projects that consist of many separate jons or tasks performed by a variety of departments or individuals. CPM-PERT

Answer 10

Project Management

Question 11

What does CPM stands for?

Answer 11

Critical Path Method

Question 12

What does PERT stands for?

Answer 12

Program Evaluation Review Technique

Question 13

It is one of the best known tools of management science. This approach mostly defines the problem as the maximizing ( minimizing) s linear function, respecting the set of linear constraints.

Answer 13

Linear Programming

Question 14

A special type of linear programming model. Transportation Problem and Assignnment

Answer 14

Distribution Models

Question 15

Some problems can be described graphically as the set of nodes and arcs.

Answer 15

Network Models

Question 16

This technique can be used to describe the behavior of a system in a dynamic situation.

Answer 16

Markov Analysis

Question 17

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

Answer 17

Theory of Games

Question 18

When several competing objectives have to be considered simultaneously, more powerful tool is needed.

Answer 18

Goal Programming

Question 19

It is the process of making choices by identifying a decision, gathering information, and assessing alternative resolutions.

Answer 19

Decision making

Question 20

What is the Decision Making Process?

Answer 20

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

Question 21

Based largely on the manager’s judgment and experience; includes the manager’s intuitive feel for the problem; and is more of an art than a science.

Answer 21

Qualitative Analysis

Question 22

Analyst will concentrate on the quantitative facts or data associated with the problem, will develop mathematical expressions that describe the objective, constraints, and other relationship that exists in the problem, and will use one or more quantitative methods.

Answer 22

Quantitative Analysis