Chap01 - Spreadsheet Modeling & Decision Analysis A...

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Spreadsheet Modeling A Practical Introduction to Management Science 5 th edition Cliff T. Ragsdale
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Introduction to Modeling Chapter 1
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Introduction We face numerous decisions in life and professional settings. We can use computers to analyze the potential outcomes of decision alternatives. Spreadsheets are often the tool of choice for today’s problem-solvers.
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What is Operations Research? A field of study that uses computers, statistics, and mathematics to solve problems in a variety of settings. Also known as: Management Science Decision science
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Home Runs in Operations Research 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 Operations Research 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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Home Runs in Operations Research Hong Kong International Terminals Busiest container terminal in the world 122 yard cranes serve 125 ships per week Thousands of trucks move containers in & out of storage yard Used OR to optimize operational decisions
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This note was uploaded on 01/17/2011 for the course MGMT 310 taught by Professor Le during the Spring '10 term at CSU Long Beach.

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Chap01 - Spreadsheet Modeling & Decision Analysis A...

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