Ch01 - Introduction - Part A.pptx

Utilizes logic and common sense as the basic

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