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    Management Science: Rosalie M. Cabagay, MPA

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    Gela Soriano
    Management science is the application of scientific methods to managerial decision making. It uses formal models and techniques like linear programming, simulation, and forecasting to help solve complex management problems. Some common problems addressed include inventory control, facility design, scheduling, resource allocation, and investment decisions. The goal of management science is to help managers evaluate alternatives and select optimal courses of action for achieving organizational goals.

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    Management Science: Rosalie M. Cabagay, MPA

    Uploaded by

    Gela Soriano
    18 views14 pages
    Management science is the application of scientific methods to managerial decision making. It uses formal models and techniques like linear programming, simulation, and forecasting to help solve complex management problems. Some common problems addressed include inventory control, facility design, scheduling, resource allocation, and investment decisions. The goal of management science is to help managers evaluate alternatives and select optimal courses of action for achieving organizational goals.

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    Management-Science2

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    Management science is the application of scientific methods to managerial decision making. It uses formal models and techniques like linear programming, simulation, and forecasting to help solve complex management problems. Some common problems addressed include inventory control, facility design, scheduling, resource allocation, and investment decisions. The goal of management science is to help managers evaluate alternatives and select optimal courses of action for achieving organizational goals.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    18 views14 pages

    Management Science: Rosalie M. Cabagay, MPA

    Uploaded by

    Gela Soriano
    Management science is the application of scientific methods to managerial decision making. It uses formal models and techniques like linear programming, simulation, and forecasting to help solve complex management problems. Some common problems addressed include inventory control, facility design, scheduling, resource allocation, and investment decisions. The goal of management science is to help managers evaluate alternatives and select optimal courses of action for achieving organizational goals.

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 14

    Management Science

    Rosalie M. Cabagay, MPA


    Definition
    The application of the scientific method to the analysis
    and solution of managerial decision problems.
    Characteristics
    1. A primary focus on managerial decision making.
    2. The application of the scientific approach to the
    decision making process.
    3. The examination of the decision situation from a
    broad perspective; i.e. the application of a system
    approach.
    4. The use of methods and knowledge from several
    disciplines.
    5. A reliance on formal mathematical models.
    6. The extensive use of computers.
    Decision making
    is a process of choosing between two or more available
    alternative courses of action for the purpose of
    attaining a specific goal. The conclusion of the process
    is a decision.
    Steps
    a) Defining the problem.
    b) Searching for alternative courses of action.
    c) Evaluating the alternatives.
    d) Selecting one alternative.
    Model
    A fundamental term of management science.
    Kinds
    Deterministic - all aspects are known with certainty
    Probabilistic - contain a specific level of uncertainty
    Modeling
    It is the process of handling real-world problems and
    describing them in mathematical terms.
    Managerial Problems
    The following list presents typical managerial problems
    where management science techniques could be
    applied:
    Inventory control.
    Facility design.
    Product-mix determination.
    Portfolio analysis.
    Scheduling and sequencing.
    Merger-growth analysis.
    Transportation planning.
    Managerial Problems
    Design of information systems.
    Allocation of scarce resources.
    Investment decisions (new plants, etc.).
    Project management – planning and control.
    New product decisions.
    Sales force decisions.
    Market research decisions.
    Research and development decisions.
    Oil and gas exploration decisions.
    Managerial Problems
    Pricing decisions.
    Competitive bidding decisions.
    Quality control decisions.
    Machine setup problems in production.
    Distribution decisions.
    Manpower planning and control decisions.
    Credit policy analysis.
    Research and development effectiveness.
    Management Science Techniques
    Linear Programming
    Integer Linear Programming
    Goal Programming
    Distribution Models
    Nonlinear Programming
    Network Models
    Project Management
    Inventory Models
    Management Science Techniques
    Waiting Line Models
    Simulation
    Decision Analysis
    Theory of Games
    Forecasting
    Multi-criteria Decision Making
    Markov Analysis
    Dynamic Programming

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