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Msci111

The document discusses management science and quantitative analysis approaches to decision making, explaining that management science uses quantitative analysis and mathematical modeling to help solve complex problems in a scientific manner. It outlines the steps in problem solving and decision making processes, and explains how mathematical models are developed to represent problems through objective functions and constraints expressed as mathematical equations or relationships. Quantitative analysis is used when problems are complex, important, new, or repetitive in order to conduct a thorough analysis and make routine decision recommendations.

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Viviene Seth Alvarez Ligon
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33 views18 pages

Msci111

The document discusses management science and quantitative analysis approaches to decision making, explaining that management science uses quantitative analysis and mathematical modeling to help solve complex problems in a scientific manner. It outlines the steps in problem solving and decision making processes, and explains how mathematical models are developed to represent problems through objective functions and constraints expressed as mathematical equations or relationships. Quantitative analysis is used when problems are complex, important, new, or repetitive in order to conduct a thorough analysis and make routine decision recommendations.

Uploaded by

Viviene Seth Alvarez Ligon
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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MSCI111

Management
Science
Activity
Think of 3 words that you may associate with
“Management Science”

Submit your answers using the link:


https://www.menti.com/97op7obbry
Answers
Management Science
 An approach to decision making based on the
scientific method
 Makes extensive use of quantitative analysis

 Also known as Operations Research or Decision

Science
Problem Solving

The process of identifying a difference


between the actual and the desired state of
affairs and then taking action to resolve the
difference
Steps in Problem Solving
1. Identify and the define the problem
2. Determine the set of alternative solutions
3. Determine the criterion or criteria that will be used to
evaluate the alternatives
4. Evaluate the alternatives
5. Choose an alternative
6. Implement the selected alternative
7. Evaluate the results to determine whether a
satisfactory solution has been obatained
Decision Making

The process of making choices by identifying a


decision, gathering information, and assessing
alternative resolutions.
Single-criterion decision problems

Vs.

Multicriteria decision problems


Quantitative Analysis and Decision Making

Qualitative Analysis – based primarily on the


manager’s judgement and experience

Quantitative Analysis – concentrate on


quantitative facts or data
Reasons for Quantitative Approach
 The Problem is complex, and the manager cannot develop a
good solution without the aid of quantitative analysis
 The problem is especially important, and the manager
desires a thorough analysis before attempting to make a
decision
 The problem is new, and the manager has no previous
experiences from which to draw
 The problem is repetitive, and the manager saves time and
effort by relying on quantitative procedures to make
routine decision recommendations
Model Development
Model – the presentation of real objects or situations and
can be presented in various forms
 Iconic Models – physical replicas of real objects (ex. child’s
toy truck).
 Analog Models – physical in form but do not have the same
physical appearances as the object being modeled (ex.
speedometer, thermometer)
 Mathematical Models – representations of a problem by a
system of symbols and mathematical relationships or
expressions. (ex. P = 10x ; total profit earned by selling x
units)
Mathematical Model

P = 10X
Mathematical Modeling Process
Objective function – mathematical expression that
describes the problem’s objective

Constraints – possible set of restrictions

***The success of the mathematical model and


quantitative approach will depend heavily on how
accurately the objective and constrains can be expressed
in terms of mathematical equations or relationships.
Mathematical Model

P = 10X
5x <= 40
X >= 0
Asynchronous Activity
Suppose you were an owner-manager of a business, give
a possible scenario that you might be experiencing with
your business brought about by the current pandemic
then explain how you will apply the steps in problem
solving to alleviate your situation.

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