Management Science

Management Science - V. Management Science Models a. Type...

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Management Science I. Introduction A. What? Application of scientific methods (social science, economics, engineering science, mostly mathematics) B. Also known as operations research or decision science or industrial engineering II. Brief Historical Background A. Pre-WWII Developments 1916-1925 Inventory analysis (Westinghouse) 1917 Queuing (waiting lines) B. Post-WWII Development 1947 LP 1958 PERT III. Management Science (MS) and Operations Management (OM) a. MS Optimization (Best solution) i. Maximization profit ii. Minimization of costs b. OM Decisions i. What to produce? ii. When to produce? iii. How many units? To manage the cost IV.Management Science Process (approach) a. Descriptive i. Observation ii. Problem identification iii. Model construction iv. Solution v. Interpretation
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vi. Implementation b. Management Science Process Flow Chart i. Going from V to II is feedback ii. From III to V is management science technique
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Unformatted text preview: V. Management Science Models a. Type of MS Models i. Deterministic model (e.g.) linear programming ii. Stochastic model (probabilistic model) (e.g.) sales iii. Static model (e.g., given time period) iv. Dynamic Model (e.g., different time period) VI.Management Science Technologies a. Linear programming (LP)- optimization i. George B. Dantziz (1947) ii. William J. Bannel (1956) iii. Promotion problems b. Assignment (scheduling) problem- optimization c. Transportation and distribution problem (deterministic/static)- optimization d. Project Management and Control (stochastic/dynamic) i. PERT (program evaluation and review technique)/time ii. PERT( )/cost iii. PERT/CPM (Critical Path Method) e. Inventory Management i. Economic order quantity (EOQ) deterministic...
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Management Science - V. Management Science Models a. Type...

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