BUS 31.4 Chapter 1 - Copy

BUS 31.4 Chapter 1 - Copy - Chapter 1 Introduction S....

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Chapter 1 – Introduction S. Neuburger Introduction to Operations Management Quantitative analysis is the scientific approach to managerial decision making; hence the term scientific management. The subject is also called operations research. Data is processed into a meaningful form. Quantitative vs. Qualitative factors. The Quantitative Analysis Approach: 1. Define problem a. Some problems are difficult to quantify in which case break down to smaller goals 2. Develop model 3. Acquire input data a. To use in model b. GIGO – improper data produces useless results c. Collecting accurate data is difficult! 4. Develop a solution a. Algorithm – sequence of steps to accomplish a goal b. Accuracy depends on input data and model used c. Mathematical models may not be understood; do not present a range of options. 5. Test the solution a. Review assumptions 6. Analyze the results a. People resist change 7. Implement the results a. There may be changes over time that require modification of the model or solution
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This note was uploaded on 08/01/2010 for the course BUS 5865 taught by Professor Smith during the Spring '10 term at CUNY Baruch.

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BUS 31.4 Chapter 1 - Copy - Chapter 1 Introduction S....

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