MNS
Ch01 - Introduction - Part A.pptx

# Steps to be taken here 1 identify decision variables

• 24

This preview shows pages 19–24. Sign up to view the full content.

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

This preview has intentionally blurred sections. Sign up to view the full version.

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
(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

This preview has intentionally blurred sections. Sign up to view the full version.

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
(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

This preview has intentionally blurred sections. Sign up to view the full version.

End of Chapter 1 - A 24 of 24
This is the end of the preview. Sign up to access the rest of the document.
• Spring '14

{[ snackBarMessage ]}

### What students are saying

• As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

Kiran Temple University Fox School of Business ‘17, Course Hero Intern

• I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

Dana University of Pennsylvania ‘17, Course Hero Intern

• The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

Jill Tulane University ‘16, Course Hero Intern