Assignment – 1
PLO Course Learning Outcome (CLO) Question
1.1 Explain simple decision models and management science ideas that provide powerful and (often surprising) qualitative insight about large spectrum of managerial problems Question 3
1.3 Build an understanding of the kind of problems that is tackled using spreadsheet modeling and decision analysis Question 1
1.5 Demonstrate the tools for deciding when and which decision models to use for specific problems
Management Science – Critical Thinking
Management Science is the broad interdisciplinary study of problem solving and decision making in human organizations, with strong links to management, economics, business, engineering, management consulting, and other fields. It uses various scientific research-based principles, strategies, and analytical methods including mathematical modeling, statistics and numerical algorithms to improve an organization’s ability to enact rational and accurate management decisions by arriving at optimal or near optimal solutions to complex decision problems. Management science helps businesses to achieve goals using various scientific methods.
The field was initially an outgrowth of applied mathematics, where early challenges were problems relating to the optimization of systems which could be modeled linearly, i.e., determining the optima (maximum value of profit, assembly line performance, crop yield, bandwidth, etc. or minimum of loss, risk, costs, etc.) of some objective function.
Today, management science encompasses any organizational activity for which the problem can be structured as a functional system so as to obtain a solution set with identifiable characteristics.
Management science is concerned with a number of different areas of study: One is developing and applying models and concepts that may prove useful in helping to illuminate management issues and solve managerial problems. The models used can often be represented mathematically, but sometimes computer-based, visual or verbal representations are used as well or instead. Another area is designing and developing new and better models of organizational excellence.
The management scientist’s mandate is to use rational, systematic, science-based techniques to inform and improve decisions of all kinds. The techniques of management science are not restricted to business applications but may be applied to military, medical, public administration, charitable groups, political groups or community groups.
In 1967 Stafford Beer characterized the field of management science as “the business use of operations research”. Some of the fields that management science involves include:
Data mining, Decision analysis, Engineering, Forecasting, Game theory, Industrial engineering, Logistics, Mathematical modeling, Optimization, Operational research, Probability and statistics, Project management, Psychology, Simulation, Social network / Transportation forecasting models, Sociology, Supply chain management, Management consulting., as well as many others.
Management science is also concerned with so-called soft-operational analysis, which concerns methods for strategic planning, strategic decision support, and problem structuring methods (PSM). At this level of abstraction, mathematical modeling and simulation will not suffice. Therefore, since the late 20th century, new non-quantified modelling methods have been developed, including morphological analysis and various forms of influence diagrams.
Management science is the science for managing and involves decision making. It utilizes what is controllable, and tries to predict what is uncontrollable in order to archive a specific objective. Management science uses analytical methods to solve problems in areas such as production and operations, inventory management, and scheduling.
Linear programming is one of the widely used modeling techniques. Linear programming problems consist of an objective function (also known as cost function) which has to be minimized or maximized subject to a certain number of constraints. The objective function consists of a certain number of variables. Probabilistic techniques are another class of modeling approach for problem solving. It is based on application of statistics for probability of uncontrollable events as well as risk assessment of decision.
The management science modeling process helps businesses to improve their operations through the use of scientific methods and the development of specialized techniques. It is the process of re searching for an optimal solution to the existing problem.
Answer the Following Questions:
1. What are the management science modeling techniques?
(2 Marks, 200 Words) Use at least 2 academic references using APA-style.
2. How are developing and applying models useful to solve managerial problems?
(2 Marks, 200 Words) Use at least 2 academic references using APA-style.
3. What are the applications of Management Science in industries?
(1 Marks, 150- Words) Use at least 2 academic references using APA-style.
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