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Chapter 01 - BUS 104 Decision Analysis Management Science...

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BUS 104 Decision Analysis & Management Science Professor Yunzeng Wang
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Introduction to Modeling & Problem Solving Chapter 1
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Introduction We face numerous decisions in life & business. We can use computers to analyze the potential outcomes of decision alternatives. Spreadsheets are the tool of choice for today’s managers.
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What is Management Science? A field of study that uses computers, statistics, and mathematics to solve business problems. Also known as: Operations research Decision science
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Home Runs in Management Science Teradyne An electronic test machine manufacturer Provide spar parts and after-sales service to its customers around the world With the help of Professor Yunzeng Wang, developed an inventory control system The system optimized multi-product, multi- location parts stocking decisions Benefits: 20% cost savings and improved service
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Home Runs in Management Science Motorola Procurement of goods and services account for 50% of its costs Developed an Internet-based auction system for negotiations with suppliers The system optimized multi-product, multi- vendor contract awards Benefits: $600 million in savings
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Home Runs in Management Science Waste Management Leading waste collection company in North America 26,000 vehicles service 20 million residential & 2 million commercial customers Developed vehicle routing optimization system Benefits: Eliminated 1,000 routes Annual savings of $44 million
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