Introduction to mansci Flashcards

(30 cards)

1
Q

is an approach to decision making based on the scientific method, makes extensive use of quantitative analysis.

A

Management science

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2
Q

It is an interdisciplinary branch of applied science:

A
  • Mathematical modeling
  • Engineering
  • Statistics
  • Algorithms
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3
Q

Other name of ManSci

A
  • Operations Research
  • Decision Science.
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4
Q

The scientific management revolution of the early _______

A

1900s

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5
Q

scientific management initiated by ________

A

Frederic W. Taylor

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6
Q

modern management science research is generally considered to have originated during the ____________

A

World War II period

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7
Q

The post-World War II has led to the use of management science in nonmilitary applications.

Such as:

A
  • (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.
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8
Q

Benefits and Major Limitation of Management Science

A

*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.

.

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9
Q
  • 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.
A

Arguments in Management Science

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10
Q
  • 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.
A

Features of Management Science

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11
Q

Use for problems involving the allocation of resources to obtain optimal effectiveness.

Tools of Management Science

A

Allocation Models

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12
Q

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

A

Allocation Models

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13
Q

etermine the best inventory model and the best time to place an order.

Tools of Management Science

A

Inventory Models

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14
Q

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

A

Inventory Models

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15
Q

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

A

Competitive Models

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16
Q

Employed for proper management of interrelated activities or “networks,” such as large construction projects.

Tools of Management Science

A

Network Models

17
Q

These models apply techniques that will improve the coordination of subtasks while providing ways to use resource efficiently.

Tools of Management Science

A

Network Models

18
Q

Deal with the optimization of multistage decision situations.

Tools of Management Science

A

. Dynamic Programing Models

19
Q

It solve the original problem by subdividing it into sub-problems that will be worked out sequentially.

Tools of Management Science

A

. Dynamic Programing Models

20
Q

Describes and forecasts the possible outcome of a system that undergoes a transition over time.

Tools of Management Science

A

Markov Analysis

21
Q

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

A

Decision Analysis Models

22
Q

volves the prediction of the future under various scenarios.

Tools of Management Science

23
Q

involves identifying an issue, finding causes, asking questions, and brainstorming solutions.

A

Problem Solving

24
Q

the process of choosing a solution based on your judgment, situation, facts, knowledge or a combination of available data

A

Decision making

25
are problems in which the objective is to find the best solution with respect to one criterion.
Single-criterion decision problems
26
are problems that involve more than one criterion
Multicriteria decision problems
27
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.
28
* 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
29
* 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
30
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.