Chapter 1
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What are the Quantitative Approaches to decision making in the body of knowledge?
Management Science, Operations Research and Decision Science
It had its early roots in the World War II
Management science
It has numerous methodological developments
Management science
It has a virtual explosion in computing power
Management science
What are the 7 steps of Problem solving?
Define the Problem Determine the set of alternative solutions Determine the criteria for evaluating alternatives Evaluate the alternatives Choose alternatives Implement the selected alternative Evaluate results
What are the 5 steps of decision making?
Define the Problem Determine the set of alternative solutions Determine the criteria for evaluating alternatives Evaluate the alternatives Choose alternatives
It is a problem in which the objective is to find the best solution with respect to one criterion
Single-criterion decision problems
It is a problem in which the objective is to find the best solution with respect to one criterion
Single-criterion decision problems
It is a problem that involves more than one criterion
Multicriteria decision problems
It is a problem that involves more than one criterion
Multicriteria decision problems
It is in the Analysis phase of the decision-making process that it is based largely on the manager’s judgement and experience
Qualitative Analysis
It is in the Analysis phase of the decision-making process that includes the manager’s intuitive “feel” for the problem
Qualitative Analysis
It is in the Analysis phase of the decision-making process that it is more of an art than a science
Qualitative Analysis
It is in the Analysis phase of the decision-making process that analysts will concentrate on the quantitative facts or data associated with the problem
Quantitative Analysis
It is in the Analysis phase of the decision-making process that analysts will develop mathematical expressions that describe the objectives, constraints, and other relationships that exist in the problem
Quantitative Analysis
It is in the Analysis phase of the decision-making process that analysts will use one or more quantitative methods to make a recommendation
Quantitative Analysis
What are the potential reasons for a Quantitative Analysis to approach decision making?
The problem is complex, important, new, repetitive
What are the Quantitative Analysis Process?
Model Development Data Preparation Model Solution Report Generation
They are the representations of real objects or situations
Models
They are physical replicas of real objects
Iconic Models
They are physical in form but do not physically resemble the object being modeled
Analog Model
They represent real world problems through a system of mathematical formulas and expressions based on key assumptions, estimates, or statistical analyses.
Mathematical Models
The more closely the model represents the real situation, the more accurate the conclusions and predictions will be
Model Development
They require less time, less expensive, and they have less involvement of risks when experimenting with models
Model Development