Management Science topic 1

Management Science topic 1
Management Science - Ans>>a scientific approach to solving management
problems
Scientific Method - Ans>>1. Observation 2. Problem Definition 3. Model
Construction 4. Model Solution 5. Implementation
Observation - Ans>>The first step in the scientific method is the
identification of a problem that exists in the system/organization.
Definition of the Problem - Ans>>Once it has been determined that a
problem exists, the problem must be clearly and concisely
defined. The degree to which it pervades other units must also be included.
The organizations goals and Objectives as well.
Model Construction - Ans>>A management science model is an abstract
representation of an existing problem situation.
A variable - Ans>>is a symbol
used to represent an
item that can take on
any value.
Parameters - Ans>>are known,
constant values that
are often coefficients of
variables in equations.
Data - Ans>>are pieces of
information from the
problem environment.
functional relationship - Ans>>A model is a functional relationship that
includes variables, parameters, and
equations.
Model Solution - Ans>>We are able to say that a model is solved