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22 Cards in this Set
- Front
- Back
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It’s not enough to just know the mathematics of a technique....
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One must understand the specific applicability of the technique, its limitations, and its assumptions
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Management science
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It is the discipline that adapts the scientific approach for problem solving to help managers make informed and intelligent decisions.
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The goal of management science is to ...
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recommend the course of action that is expected to yield the best outcome with what is available.
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Quantitative analysis
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is a scientific approach to managerial decision making whereby raw data (typically quantitative) are processed, manipulated and analyzed resulting in meaningful information
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___________, ___________, & ____________ are popularly used interchangeably.
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Quantitative Analysis (QA), Management Science (MS), and Operations Research (OR)
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Quantitative factors
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are data that can be accurately calculated
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Examples of quantitative factors
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Different investment alternatives
Interest rates Inventory levels Demand Labor cost |
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Qualitative factors
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are more difficult to quantify but affect the decision process
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Examples of qualitative factors
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The weather
State and federal legislation Technological breakthroughs. |
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____________ was used by Burger King to find how to best blend cuts of meat to minimize costs.
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Linear Programming
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________________ model was used by American Air Lines to determine an optimal flight schedule.
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Integer Linear Programming
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_______________ was implemented by the Sony Corporation to developed an onboard car navigation system.
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The Shortest Route Algorithm
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________________ were used by a contractor to rebuild Interstate 10 damaged in the 1994 earthquake in the Los Angeles area.
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Project Scheduling Techniques
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________________ was the basis for the development of a comprehensive framework for planning environmental policy in Finland.
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Decision Analysis approach
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____________ are incorporated into the overall design plans for Disneyland and Disney World, which lead to the development of ‘waiting line entertainment’ in order to improve customer satisfaction.
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Queuing models
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The Quantitative Analysis or Management Science Approach
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Defining the Problem: What is it?
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Need to develop a clear and concise statement that gives direction and meaning with the following focuses:
This may be the most important and difficult step It is essential to go beyond symptoms and identify true causes May be necessary to concentrate on only a few of the problems – selecting the right problems is very important Specific and measurable objectives may have to be developed |
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Developing a Model: Representing it
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Quantitative models are realistic, solvable, and understandable mathematical representations of a situation and problem, i.e., mathematical models
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Mathematical Models generally contain variables ______ & _______.
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(controllable) and parameters (uncontrollable inputs)
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Controllable variables
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are generally the decision variables and are generally unknown and need to be decided or solved
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Parameters (coefficients)
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are known quantities that are parts of the problem and are generally uncontrollable and inherently given
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Acquiring Input Data: Fill in the Blanks (Parameters)
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Input data must be accurate – GIGO rule
Data may come from a variety of sources such as company reports, company documents, interviews, on-site direct measurement, or statistical sampling |
