OM 3020 Management Science CH 1
scientific method for attacking problems
1 observation 2 definition of the problem 3 model construction 4 model solution 5 implementation of solution results
Variable
A symbol used to represent an item that can take on any value
management scientist
I'm skilled in the techniques of management science and trained to identify problems who has been hired specifically to solve problems using management science techniques
management science is more than just a collection of techniques what else does it involve
National Science of science also involves a philosophy of approach being a problem in a logical manner example scientific approach The Logical consistent and systematic approach to problem-solving can be useful and valuable as the knowledge of the mechanics of the mathematic techniques themselves
functional relationship
a model is a functional relationship that includes variables parameters and equations
step 3 to management science approach to problem-solving model construction
a model is an abstract mathematical representation of a problem situation
management science
a scientific approach to solving management problems
functional relationship
also called function and relationship a model is a functional relationship that includes variables parameters and equations
model
an abstract mathematical representation of a problem situation
in the new model The Profit equation is fill in the blank
an objective function
parameters
are known consistent values that are often coefficients of the variables in equations
observation step one other management science approach to problem solving
can step one observation you identify a problem that exists within the system!/organization
application of model
consider a business firm sells a product the product cost $5 to produce and sells for 20 the model that computes the total profit that will accrue from items sold in Z = $20x - 5x
Z is a/an fill in the blank
dependent variable
problems are not always the result of the crisis that must be reacted to you but instead fill in the blank
frequently involve and and Kissa paturi or planning situation
management science techniques can be used in the following types of organizations
government military service business and industry and Healthcare
most management science model consists of a set of mathematical relationships but can also come in the form of fill in the blank
graphs or charts
fill in the blank management science techniques are widespread and have frequently been credited with
increasing the efficiency and productivity of business firm
x is a /an fill in the blank
independent variable
application of some personal relationship
let's assume the product is made from Steel and your business has a hundred pounds of it it took cell count of Steel for each unit of product so we can it develop an additional mathematical relationship to represent still usage which is 4x = 100 lb. of steel
to distinguish between the two relationships in this model the book added the following
maximize Z = $20x - 5x subject to 4x = 100 LBS. of Steel
management science is also referred to as
operations research quantitative methods quantitative analysis decision sciences and business Analytics
data
pieces of information from the problem environment
parameters
the numbers 20 and 5 in the total profit model
symbols Z & x =
the variables in the equation
Step2 other management scientific approach to problem solving definition of problem
this is where you clearly and concisely Define the problem and the degree to which approve Aid other units organization
true or false if the model is only add accurate as the data used in constructing the model
true
true or false management science can be used in a variety of organizations to so many different types of problems
true
true or false management science encompasses a logical approach to solving problems
true
he stated objective helps to focus attention on fill in the blank
what's the problem actually is