Introduction to mansci Flashcards
is an approach to decision making based on the scientific method, makes extensive use of quantitative analysis.
Management science
It is an interdisciplinary branch of applied science:
- Mathematical modeling
- Engineering
- Statistics
- Algorithms
Other name of ManSci
- Operations Research
- Decision Science.
The scientific management revolution of the early _______
1900s
scientific management initiated by ________
Frederic W. Taylor
modern management science research is generally considered to have originated during the ____________
World War II period
The post-World War II has led to the use of management science in nonmilitary applications.
Such as:
- (1) Continued research resulted to many methodological developments such as** Dantzig Simplex Algorithm, popular for linear programming in mathematical optimization.**
- (2) Virtual explosion of computing power use in solving complex problems.
- (3)** Solving complex problems in mobile computing devices** (smart phones, tablets) that was once done only on mainframe computers during the 1990s.
Benefits and Major Limitation of Management Science
*A very reliable tool for decision-makers.
* The inability to interpret results of the scientific analysis makes Management Science worthless.
* There are factors that cannot be translated to numerical values.
* Management science needs skilled and experienced individuals to solve complex problems and arrived at optimal solutions.
.
- Time consuming
- Some decision-makers do not appreciate the results
- Difficulty in assessing uncertainties
- The use of oversimplified mathematical tools that do not match real-life situations.
- The tendency to be more costly relative to the size of the problem.
- Some experiments take up unnecessary expense.
Arguments in Management Science
- The implementation of the scientific approach.
- The use of a systematic process to solve problems.
- The use of an interdisciplinary approach.
- The utilization mathematical tools.
- The use of software applications.
Features of Management Science
Use for problems involving the allocation of resources to obtain optimal effectiveness.
Tools of Management Science
Allocation Models
Mathematical programming is the broad term for tools that are used to solve problems in which the decision-makers must allocate limited resources among various activities to optimize a managerial objective. These tools include linear programming and distribution model.
Tools of Management Science
Allocation Models
etermine the best inventory model and the best time to place an order.
Tools of Management Science
Inventory Models
The objective of these model is to minimize the following costs: cost of holding or carrying extra inventory, ordering cost, and shortage cost.
Tools of Management Science
Inventory Models
Also known as “game theory†present an analytical framework on the behavior or competing players in the achievement of their conflicting goals.
Tools of Management Science
Competitive Models
Employed for proper management of interrelated activities or “networks,†such as large construction projects.
Tools of Management Science
Network Models
These models apply techniques that will improve the coordination of subtasks while providing ways to use resource efficiently.
Tools of Management Science
Network Models
Deal with the optimization of multistage decision situations.
Tools of Management Science
. Dynamic Programing Models
It solve the original problem by subdividing it into sub-problems that will be worked out sequentially.
Tools of Management Science
. Dynamic Programing Models
Describes and forecasts the possible outcome of a system that undergoes a transition over time.
Tools of Management Science
Markov Analysis
Employed for managerial situations involving the selection of an optimal course of action given potential return and the corresponding probabilities of the states of nature.
Tools of Management Science
Decision Analysis Models
volves the prediction of the future under various scenarios.
Tools of Management Science
Forecasting
involves identifying an issue, finding causes, asking questions, and brainstorming solutions.
Problem Solving
the process of choosing a solution based on your judgment, situation, facts, knowledge or a combination of available data
Decision making
are problems in which the objective is to find the best solution with respect to one criterion.
Single-criterion decision problems
are problems that involve more than one criterion
Multicriteria decision problems
7 steps in problem solving
- Identify and define the problem.
- Determine the criteria for evaluating alternatives.
- Determine the set of alternative solutions.
- Evaluate the alternatives.
- Choose an alternatives (decide.)
- Implement the selected alternative.
- Evaluate result.
- Based largely on the manager’s judgment and experience.
- Includes the manger’s intuitive feel for the problem.
- Is more of an art than a science.
Qualitative Analysis
- Concentrate on the qualitative facts or data associated with the problem.
- Analyst will develop mathematical expressions that describe the objectives, constraints, and other relationships that exist in the problem.
- Analyst will use one or more quantitative methods to make a recommendation.
Quantitative Analysis
Potential Reasons for a Quantitative Analysis Approach to Decision-making
- The problem is complex.
- The problem is very important.
- The problem is new (no previous experience or historical data to rely on.)
- The problem is repetitive.
