Management Science: Introduction PDF

MANAGEMENT SCIENCE by : Venus G. Apdian WHAT IS MANAGEMENT SCIENCE? -It is an approach to decision making based on the scientific method, makes extensive use of quantitative analysis. -a problem-solving process used by an interdisciplinary team to develop models that represent simple and co...

MANAGEMENT SCIENCE by : Venus G. Apdian WHAT IS MANAGEMENT SCIENCE? -It is an approach to decision making based on the scientific method, makes extensive use of quantitative analysis. -a problem-solving process used by an interdisciplinary team to develop models that represent simple and complex functional relationships and provide management guidance for decision-making. Management Science Operational Science Decision Science The scientific management revolution of the early 1900s, initiated by Frederic W. Taylor. He provided the foundation for the use of quantitative methods in management. He is known as the father of scientific management. Taylor developed four management principles; research, standardisation, monitoring, and co- working. He is also the founder of the rational goal model. The modern management science research is generally considered to have been originated during the WORLD WAR II period.  George Dantzig "simplex method for solving linear programming" A professor emeritus of operations research and of computer science who devised the "simplex method" and invented linear programming (which is not related to computer programming) VIDEO PRESENTATION PROBLEM SOLVING AND DECISION MAKING What is problem solving? Problem Solving is the process of identifying a difference between the actual and the desired state of affairs and the taking action to resolve the difference. Identify and define the problem Determine the set of alternative solutions. Determine the criterion or criteria that will be used to evatuate the alternatives. Evaluate the alternatives. Choose an alternative. Implement the selected alternative. Evaluate the results to determine whether a satisfactory solution has been obtained.  is a term generally associated with the first five steps of the problem soving process. The fist step of decision making is to identidy and define the problem and it ends with choosing an alternaive which is the act of making a decision. Suppose that your job search has resulted in offers from companies in Cebu, Davao, Manila , Cagayan de Oro. Thus , the alternatives for your decision problem can be states as follows: 1. Accept the position in Cebu. 2. Accept the position in Davao. 3. Accept the position in Manila. 4. Accept the position in Cagayan de Oro. The next step of the problem -solving process involves determining the criteria that will be used to evaluate the four alternatives. Starting salary is a factor of some importance. reallygreatsite.com If salary were the only criterion of importance to you , the alternative selected as "best" would be the one with the highest starting salary. Problems in which the objectives is to find the best solution with respect to one criterion are referred to as single -criterion decision problems. reallygreatsite.com Suppose that you also would conclude the potental for advancement and the location of the job are two other criteria of major importance. Thus, the the three (3) criteria in your desicion making are the staring salary, potential for advancement and location. Problems that involve more than one criterion are referred to as multicriteria decision problems. reallygreatsite.com The next step of the decision making process is to evaluate each alternatives with respect to each criterion. reallygreatsite.com You are now ready to make a choice from the available alternatives. reallygreatsite.com At this point, the decision making process is complete. in summary , we see that this process involves five steps. reallygreatsite.com