MSci331__modeling_in_management_science

# MSci331__modeling_in_management_science - Mathematical...

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Unformatted text preview: Mathematical Modeling in OR Instructor: A. Obeidi MSci331 Introduction to Optimization 2 Optimization Optimization is a formal approach in operations research: Using scientific quantitative modeling process. “Applied to problems that concern how to conduct and coordinate activities within an organization.” Is “an approach to decision making based on the scientific method………It makes extensive use of quantitative analysis” (Anderson et al., 2003). Optimization is concerned with optimal decision making in, and modeling of, deterministic and probabilistic systems that originate from real life. 3 Categorization of Optimization 4 Scientific Approach to Decision Making and Problem Solving Problem solving: a process of identifying a difference between the deviation of state of affairs from a desired target and then taking actions to resolve this deviation. Define the Problem Evaluate the Alternatives Identify the Alternatives Determine the Criteria Choose an Alternative Decision Making Implement the Decision Evaluate the Results Problem Solving 5 Quantitative and Qualitative Decision Making Analyzing the Problem Structuring the Problem Evaluate the Alternatives Choose an Alternative Define the Problem Identify the Alternatives Determine the Criteria Quantitative Analysis Qualitative Analysis 6 Definition of models Models are: “idealized representations … for abstracting the essence of the subject of inquiry.” Formally, simplified representations or abstractions of reality, intend to capture the key factors and relationships that are important to the decision at hand....
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## This note was uploaded on 09/12/2011 for the course MSCI 311 taught by Professor Dumeiring during the Fall '09 term at Waterloo.

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MSci331__modeling_in_management_science - Mathematical...

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