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Introduction To Management Science

This document provides an introduction to management science. It outlines the learning objectives which are to demonstrate the complexity of decision-making, define management science, list its characteristics, discuss its limitations, explain its process and tools, and describe different types of solutions. Management science is defined as the scientific process of transforming data into insights to make better decisions. It uses quantitative analysis and mathematical models to illuminate issues and solve problems. Some limitations include interpretation challenges, costs, and appropriateness of models. The quantitative analysis process involves defining problems, collecting information, identifying alternatives, weighing options, selecting the best, planning/implementing, and reviewing outcomes. Common tools include allocation, inventory, queuing, competitive, network, and forecasting models

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57 views11 pages

Introduction To Management Science

This document provides an introduction to management science. It outlines the learning objectives which are to demonstrate the complexity of decision-making, define management science, list its characteristics, discuss its limitations, explain its process and tools, and describe different types of solutions. Management science is defined as the scientific process of transforming data into insights to make better decisions. It uses quantitative analysis and mathematical models to illuminate issues and solve problems. Some limitations include interpretation challenges, costs, and appropriateness of models. The quantitative analysis process involves defining problems, collecting information, identifying alternatives, weighing options, selecting the best, planning/implementing, and reviewing outcomes. Common tools include allocation, inventory, queuing, competitive, network, and forecasting models

Uploaded by

francis.tabz11
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Introduction to

Management Science
Mara Shaira A. Siega, CPA, MBA, CTT
Learning Objectives
❑Demonstrate the complexity of decision-making.
❑Define and explain management science.
❑List the characteristics of management science.
❑Discuss the major limitations of management science.

BA 424: Introduction to Management Science


❑Explain the features, process and tools of management science.
❑Demonstrate the steps of the quantitative analysis process.
❑Define the different mathematical tools and understand their role in
decision-making.
❑Describe feasible or infeasible, optimal or non-optimal, and unique or
multiple solutions.

2
mean?
What does
Management Science

BA 424: Introduction to Management Science


3
Definitions of Management Science
Quantitative analysis is the
process of collecting and
Operations research is defined evaluating measurable and
as the scientific process of verifiable data, such as
transforming data into insights revenue, market share, and
to making better decisions. wages, to understand the
behavior and performance of a

BA 424: Introduction to Management Science


business.

It is concerned with developing


It is an approach to decision-
and applying models and
making based on the scientific
concepts that help illuminate
method, makes extensive use of
issues and solve managerial
quantitative analysis.
problems.

4
Characteristics of Management Science
Managerial decision-making

Application of scientific approach

BA 424: Introduction to Management Science


Examination from a broad perspective

Use of knowledge from other disciplines

Reliance on formal mathematical models

Use of technology
5
Limitations of Management Science

Interpretation of Non-quantifiable
results factors

BA 424: Introduction to Management Science


Costly and time Appropriateness of
consuming models and data

6
Areas of
Application

BA 424: Introduction to Management Science


7
1
• Defining the problem

2
• Collecting information

• Identifying alternatives
Decision- 3

Making • Weighing the alternatives

BA 424: Introduction to Management Science


4

Steps • Selecting the best possible option


5

6
• Planning and implementing

7
• Reviewing and evaluating the outcome
8
Tools of Management Science
❖Allocation Models ❖Dynamic Programming
❖Inventory Models Models
❖Queuing Models ❖Markov Analysis

BA 424: Introduction to Management Science


❖Competitive Models ❖Decision Analysis Models
❖Network Models ❖Forecasting

9
Definition of Terms

Feasible VS Infeasible

BA 424: Introduction to Management Science


Optimal VS Non-optimal

Unique VS Multiple

10
Questions?

BA 424: Introduction to Management Science


11

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