a form of decision making in which a manager bases his decision on his experience and gut feeling. Qualitative analysis is inherent and gets better over time form of decision making in which an analyst bases his decision from gathered quantitative data or facts. Use when the problem is complex, repetitive critical or new. teaches assumptions and methods to help us learn and study quantitative methods the study of how to apply analytical methods in decision making for a business problem solving steps (5 decision) 1. identify and define problem2. determine
alternatives 1. development2 prepare data the process of identifying a difference between actual and the desired state of affairs and then taking action to resolve the differneceDecision making the process of defining the problem, identifying the alternatives, determining the criteria, evaluating the alternatives, choosing an alternative single criterion decision making a problem in which the objective is to find the "best" solution with respect to just one criterion Multicriteria decisiion problem a problem that involves more then one criterion the objective is to find the "best solution taking into account all the criteria a representation of a real object or solution a physical replica or representation of a real object although physical in form an analog model does not have a physical appearence similar to the real object, or sitiuation it represents math symbols and expressions used to represent a real situation a restriction or limitation imposed on a problem the math expression that defines the quantity to be maximized or minimized the factors that cannot be controlled by the decision maker TRUE FALSE Management science is an approach to decision making based on the scientific method. Management science makes extensive use of quantitative analysis. Management Science is also known as operations research and decision science Modern management science research is generally considered to have originated during the World War I period. Problem solving can be defined as the process of identifying a difference between the actual and the desired state of affairs and then taking action to resolve the difference. Management science is an approach to decision making based on the scientific method. Management science makes extensive use of quantitative analysis. Management Science is also known as operations research and decision science Modern management science research is generally considered to have originated during the World War I period. Problem solving can be defined as the process of identifying a difference between the actual and the desired state of affairs and then taking action to resolve the difference.  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The firm earns a profit of $20 per chair and $65 per table and can sell as many of each as it can produce. The daily supply of wood, nails and paint is limited. To manage the decision-making process, an analyst has formulated the following linear programming model:Max 20x1 + 65x2 – 100y1 – 200y2s.t. 5x1 + 10x2 ≤ 100 {Constraint 1}20x1 + 50x2 ≤ 250 {Constraint 2}1x1 + 1.5x2 ≤ 10 {Constraint 3}My1 ≥ x1 {Constraint 4}My2 ≥ x2 {Constraint 5}yi={1, if product j is produced0, otherwiseyi=1, if product j is produced0, otherwiseWhich of the constraints limit the amount of raw materials that can be consumed? A. Constraint 1 B. Constraint 4 C. Constraint 5 D. Constraint 1 and 4 E. Constraint 1, 2 and 3 The new Chief Operating Officer (COO) of Lee Ching Chemical Company, MaxChing, has found that the firm has been dumping its toxic waste into the local riverfor the last four years and falsifying information to officials about the amounts ofalleged cancer-causing materials in the waste. The plant overseer claims there is noevidence that the waste will cause cancer. Besides, within a hundred kilometersdownriver, there are only a few fishing villages. If the company had to treat thesubstance to neutralize its potentially harmful effects and transport it to a legaldumpsite, the operating costs of the company would rise to a level that could renderthe company uncompetitive. When the organization loses its competitive advantage,five thousand local workers can become unemployed and the economy of that towncould collapse. Question: If you were the COO, what would you do? Why? SEE MORE QUESTIONS Recommended textbooks for you Practical Management Science ISBN:9781337406659 Author:WINSTON, Wayne L. Publisher:Cengage, Practical Management Science ISBN:9781337406659 Author:WINSTON, Wayne L. Publisher:Cengage, |
Can be defined as the process of identifying a difference between the actual and the desired state of affairs and then taking action to resolve the difference?
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