MNS
Ch01 - Introduction - Part A.pptx

Steps to be taken here 1 identify decision variables

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Steps to be taken here: 1. Identify decision variables. 2. Quantify the objective and constraints. 3. Construct a model shell. 4. Data gathering – consider time/cost issues. 19 of 24
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The Management Science Process The four-step management science process: 20 of 24 Problem definition Mathematical modeling Solution of the model Communication/implementation Mathematical modeling Solution of the model Mathematical modeling Solution of the model Mathematical modeling Communication/implementation of results Solution of the model Mathematical modeling Problem definition
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(Step III) - Solving the Mathematical Model Steps to be taken here: 1. Choose an appropriate technique. 2. Generate model solution. 3. Test/ validate model results. 4. Return to modeling step if results are unacceptable. 5. Perform “what-if” analysis. 21 of 24
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The Management Science Process The four-step management science process: 22 of 24 Problem definition Mathematical modeling Solution of the model Communication/implementation Mathematical modeling Solution of the model Mathematical modeling Solution of the model Mathematical modeling Communication/implementation of results Solution of the model Mathematical modeling Problem definition
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(Step IV) - Communication Implementation Prepare a business report. Be concise. Use everyday language. Make liberal use of graphics. Components of a business presentation. Introduction. Assumptions/approximations made. Solution approach/ computer program used. Results. What-if analysis. Overall recommendation. Appendices. Monitor the progress of the implementation. 23 of 24
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End of Chapter 1 - A 24 of 24
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