101_Session_One_inclassnotes

101_Session_One_inclassnotes - MGMT 101: Management Science...

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MGMT 101: Management Science Professor Shuya Yin Paul Merage School of Business UC Irvine, Summer 2011 Session One
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Outline for Session 1 § Introduction to Management Science § Overview of the course § Motivating the course by a game § Some excel functions § Introduction of linear programming models
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What is management science? § Use a math (or quantitative) model, and other analytical tools, to analyze the information in a business setting and help make better decisions § Create a simplified representation of reality using a math model § Work with this version to understand or control some aspect of the world science of better
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Why study management science? § A subsidiary of Microsoft, network provider of in-game ad space § Ads served to video game consoles over the Internet § Video games dynamically update branded graphics – one gamer playing a racing game may see a Shell gas station while another sees Exxon § Math models are used to decide: which ads to show to which gamers at which time slots to make the best use of the inventory of ad space (Resource Allocation)
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Why management science? Eddie Northen (VP of Finance at UPS in OC) § So much information in the company, but few people know how to use it § His experience with hiring undergraduates and MBA graduates: - Problem solving - Analytical thinking - Data related skills (data analysis) - Management Science helps you: § Provide support for decision making § Know the language of modeling people § Be aware of the potential and limitations of the models
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Success stories using math models American Airlines : § Three years of improvement to the TRIP crew scheduling model have yielded annual savings of $20 million! § Optimization models of overbooking, discount allocation, and traffic management contributes $500 million per year to American Airlines.
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“Early this year, Wal-Mart Stores Inc., using a new computerized scheduling system , will start moving many of its 1.3 million workers from predictable shifts to a system based on the number of customers in stores at any given time. The move promises greater productivity and customer satisfaction for the huge retailer……….”
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Process of modeling Real World Model Develop Solve Conclusions of the model Interpret Conclusions about the world Implement
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Objective and scope of our course § Introduce applications of quantitative methods in business management - Given a problem - Develop a model - Solve it - Interpret results Real World Model Develop Solve Conclusions of the model Interpret Conclusions about the world Implement § Ultimate goals: - Have a fun experience with math tools in business - Hopefully, it will be useful for you some day (and think differently and better)
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“Early this year, Wal-Mart Stores Inc., using a new computerized scheduling system, will start moving many of its 1.3 million workers from predictable shifts to a system based on the number of customers in stores at any given time. The move promises greater productivity and customer satisfaction for the huge retailer but could be a major headache for employees .”
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This note was uploaded on 11/11/2011 for the course ECON 100 taught by Professor Chandle during the Spring '11 term at UC Irvine.

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101_Session_One_inclassnotes - MGMT 101: Management Science...

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