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Management Science
Management Science is a scientific approaches to problem solving and decision making Management Science encompass a logical approach to problem solving Management Science can be used in a variety of organization to solve many different types of problems
Problem Solving
Problem Solving is defined as the process of identifying a difference between the actual and desired state of affairs The problem Solving process:
Identify and define the problem Determine the set of alternative solutions Determine the criterion used to evaluate the alternatives Evaluate Alternatives Choose an alternative Implement the selective alternative Evaluate the result
Decision Making
Decision Making is the term generally associated with the first five steps of the problem solving process The first step of decision making is to identify and defines the problem Decision making ends with the choosing of the an alternative, which is the act of making the decision
Quantitative Analysis
Model
Model Development
Models are representation of real object or situation that can be presented in various forms Model Classification:
Iconic models are physical replicas of real objects. E.g. The model airplane and toy truck Analog models are physical in form but do not have the same physical appearance as the object being modeled. E.g. The speedometer represent the speed of automobile Mathematical Models are representations of problem by a system of symbol and mathematical relationship or expression. E.g. P = 10x
Data Preparation
The preparation of the date required by the model Data refer to the values of uncontrollable input to models If data required are few, the analysis will combine model development and data preparation into one step by inserted as the equation
Model Solution
Model Solution attempt to identify the values of the decision variables that provide the best output as the optimal solution for the model One procedure that might be used in the model solution step involves a trial-anderror approach
Breakeven Analysis
The decision to produce and sell 500 units
P(500) = 3(500) 3000 = -1500 P(1000) = 3(1000) 3000 = 0 P(1500) = 3(1500) 3000 = 1500