Ch01 - Introduction - Part A.pptx

# Utilizes logic and common sense as the basic

• 24

This preview shows pages 8–14. Sign up to view the full content.

Utilizes logic and common sense as the basic components in supporting the decision making process augmented by specialized mathematical models. 8 of 24

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

What Is Management Science? Management Science is the discipline that adapts the “ scientific approach ” for problem solving to help managers make informed decisions. A scientific method of providing executive departments with a quantitative basis for decisions regarding operations under their control (Philip McCord Morse). The use of techniques such as (US army pamphlet 660-3): 9 of 24
Characteristics of Management Science Primary focus on managerial decision making. Application of the scientific method to decision making. A view with a broad perspective - a systems approach ”. Interdisciplinary methods. Use of mathematical models . Computers. 10 of 24

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

Environments in Which Decisions Are Made Decisions under Certainty (Least commonly occurring) All relationships are deterministic and known No probabilistic variables Decisions under Risk (Most frequently occurring) Some or all variables are probabilistic Decisions under Uncertainty (Least desirable circumstance) Some or all variables are not deterministic and do not have known probability distributions Decisions under Conflict (Game theory) Contingent upon opponent’s actions 11 of 24
Detailed Scientific Method an Approach to Decision Making The basic steps in management decision making involve: 1. Define the decision problem 2. Search for relevant data and information 3. Generate alternative courses of action 4. Analyze feasible alternatives 5. Select the best course of action 6. Implement decision and evaluate results 12 of 24

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

The Management Science Approach The basic steps in the management science problem solving process involve: 1. Analyzing business situations; 2. Selecting mathematical models to describe them; and then solving the mathematical models 3.
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