Introduction to Management Science
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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.
Management Science
“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.”
Management Science
the Father of Scientific Management
F.W. Taylor
4 Principles of Management
Research, Standardization, Control, Cooperation
He brought the use of research mathematics, which he merged with his extensive knowledge of machine tools.
Barth
He contributed the recognition of worker psychology.
Gantt
4 major characteristics of Management Science
• Examine Functional Relationships from a Systems Overview • Use the Interdisciplinary Approach • Uncover New Problems for Study • Use a Modeling-Process Approach to Problem Solving
These techniques can be used to select optimal strategies out of several decision alternatives. It is divided into 3 classes: deterministic, probabilistic, and uncertainty
Decision Analysis
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
Forecasting
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
Project Management
What does CPM stands for?
Critical Path Method
What does PERT stands for?
Program Evaluation Review Technique
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.
Linear Programming
A special type of linear programming model. Transportation Problem and Assignnment
Distribution Models
Some problems can be described graphically as the set of nodes and arcs.
Network Models
This technique can be used to describe the behavior of a system in a dynamic situation.
Markov Analysis
This area is an extension of decision analysis to the situations with two or more decision makers.
Theory of Games
When several competing objectives have to be considered simultaneously, more powerful tool is needed.
Goal Programming
It is the process of making choices by identifying a decision, gathering information, and assessing alternative resolutions.
Decision making
What is the Decision Making Process?
• Identify the decision • Gather relevant information • Identify the alternatives • Weigh the evidence • Choose among alternatives • Take action • Review your decision & its consequences
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.
Qualitative Analysis
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.
Quantitative Analysis