shruti.ppt

PROJECT REPORT PROJECT REPORT OF OF

MANAGEMENT SCIENCE MANAGEMENT SCIENCE ANDAND

QUANTITATIVE ANALYSIS QUANTITATIVE ANALYSIS

INTRODUCTION TO INTRODUCTION TO MANAGEMENT MANAGEMENT

SCIENCESCIENCE

Management ScienceManagement Science

Management Science is a scientific Management Science is a scientific approaches to problem solving and approaches to problem solving and decision makingdecision making

Management Science encompass a Management Science encompass a logical approach to problem solvinglogical approach to problem solving

Management Science can be used in Management Science can be used in a variety of organization to solve a variety of organization to solve many different types of problemsmany different types of problems

Problem SolvingProblem SolvingProblem Solving is defined as the Problem Solving is defined as the

process of identifying a difference process of identifying a difference between the actual and desired state between the actual and desired state of affairsof affairs

The problem Solving process:The problem Solving process:Identify and define the problemIdentify and define the problemDetermine the set of alternative solutionsDetermine the set of alternative solutionsEvaluate AlternativesEvaluate AlternativesImplement the selective alternativeImplement the selective alternativeEvaluate the resultEvaluate the result

Decision MakingDecision MakingDecision Making is the term Decision Making is the term

generally associated with the first generally associated with the first five steps of the problem solving five steps of the problem solving processprocess

The first step of decision making is to The first step of decision making is to identify and defines the problemidentify and defines the problem

Decision making ends with the Decision making ends with the choosing of the an alternative, which choosing of the an alternative, which is the act of making the decisionis the act of making the decision

feedback

Management Science Management Science ProcessProcess

information

Quantitative AnalysisQuantitative Analysis

Model DevelopmentModel DevelopmentData PreparationData PreparationModel SolutionModel SolutionImplementation and Implementation and

ReportReport

Model DevelopmentModel Development Models are representation of real object or Models are representation of real object or

situation that can be presented in various situation that can be presented in various formsforms

Model Classification:Model Classification: Iconic models are physical replicas of real objects. Iconic models are physical replicas of real objects.

E.g. The model airplane and toy truckE.g. The model airplane and toy truck Analog models are physical in form but do not have Analog models are physical in form but do not have

the same physical appearance as the object being the same physical appearance as the object being modeled. E.g. The speedometer represent the modeled. E.g. The speedometer represent the speed of automobile speed of automobile

Mathematical Models are representations of Mathematical Models are representations of problem by a system of symbol and mathematical problem by a system of symbol and mathematical relationship or expression. E.g. P = 10xrelationship or expression. E.g. P = 10x

Data PreparationData PreparationThe preparation of the date required The preparation of the date required

by the modelby the modelData refer to the values of Data refer to the values of

uncontrollable input to modelsuncontrollable input to models If data required are few, the analysis If data required are few, the analysis

will combine model development and will combine model development and data preparation into one step by data preparation into one step by inserted as the equationinserted as the equation

Model SolutionModel SolutionModel Solution attempt to identify Model Solution attempt to identify

the values of the decision variables the values of the decision variables that provide the best output as the that provide the best output as the optimal solution for the model optimal solution for the model

One procedure that might be used in One procedure that might be used in the model solution step involves a the model solution step involves a trial-and-error approach trial-and-error approach

Conclusion and ReportConclusion and Report

Making concluding remarks based on Making concluding remarks based on model solutionmodel solution

Preparing the managerial report Preparing the managerial report based on the conclusionbased on the conclusion

The report is one of the inputs for the The report is one of the inputs for the manager considering before making manager considering before making a final decisiona final decision

Management Science Management Science TechniquesTechniques

Linear ProgrammingLinear ProgrammingTransportation and Transportation and

Assignment modelsAssignment modelsProject Scheduling: Project Scheduling:

PERT/CPMPERT/CPMInventory ModelsInventory ModelsWaiting line or Queuing Waiting line or Queuing

ModelsModels