Chapter+1+-+Introduction

Chapter+1+-+Introduction - Chapter 1 Introduction to...

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Unformatted text preview: Chapter 1 Introduction to Management Science Reading Questions What is management science and by what other names is it referred? Management Science involves the philosophy of what? What are the steps in the management science approach to problem solving? Be able to explain each step. What are the components of a management science model? Be able to describe each one. Be able to recognize, identify, define, and describe the components of the following: Maximize Z = $20x 5x Subject to: 4x = 100 An abstract representation of a problem situation is called what? Be able to list and discuss the components of break-even analysis. Compare/contrast and list examples of linear mathematical programming techniques and probabilistic techniques. What are the most frequently used management science techniques in business? What is a decision support system and why is it useful? BIT 2406 2 Chapter Topics Management Science Approach to Problem Solving Model Building: Break-Even Analysis Computer Solution Management Science Modeling Techniques Business Usage of Management Science Techniques Management Science Models in Decision What is Management Science? Logical, systematic approach to decision making using quantitative methods. Science Scientific methods used to solve business & business related problems Many applications of management science have been credited with increasing the efficiency and productivity of businesses Also referred to as Operations Research, Quantitative Methods, Quantitative Historical View...
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Chapter+1+-+Introduction - Chapter 1 Introduction to...

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