Management Science cat exam
Management science: 3 definitions - Ans>>Definition 1: the application of a
scientific approach to solving management problems in order to help
managers make better decisions.
Definition 2: is the scientific method of providing executive with an analytical
and objective basis for decisions
Definition 3: is the art of giving bad answers to problems that otherwise have
worse answers.: professor prefers this one
Management science in business - Ans>>It can be used in a variety of
organization to solve many different types of problems
Now a days management science is almost used in all fields
Aimed at assisting the decision maker in decision making process
The 7 step model building process: Step 1: Formulate the problem -
Ans>>The management scientist first defines the organization's problem.
Defining the problem includes specifying the organization's objectives and
the parts of the organization that must be studied before the problem can be
solved
The 7 step model building process: Step 2: Observe the system - Ans>>Next
the management scientist collects data to estimate the value of parameters
that affect the organization's problem. These estimates are used to develop
(in step 3) and evaluate (in step 4) a mathematical model of the
organization's problem.
The 7 step model building process: Step 3: formulate the mathematical
model - Ans>>of the problem. In this step, the management scientist
develops a mathematical model of the problem. In this course, we will
describe many mathematical techniques that can be used to model systems
, The 7 step model building process: Step 4: Verify the model - Ans>>and use
the model for prediction: the management scientist now tries to determine if
the mathematical model developed in step 3 is an accurate representation of
reality
The 7 step model building process: Step 5: present a suitable alternative -
Ans>>given a model and a set of alternatives, the management scientist
now chooses the alternative that best meets the organization's objectives
The 7 step model building process: Step 6: present the results of the
conclusion - Ans>>of the study to the organization. In this step, the
management scientist presents the model and recommendation from step 5
to the decision making individual or group.
In some situations, one might present several alternatives and let the
organization choose the one that best meets its needs. After presenting the
results of the management scientist study, the analyst may find that the
organization does not approve of the recommendation.
This may result from incorrect definition of the organizations problems or
from failure to involve the decision maker from the start of the project. In
this case, the management scientist should return to step 1.2 or 3
The 7 step model building process: Step 7: Implement and evaluate the
recommendations - Ans>>if the organization has accepted the study, then
the analyst aids in implementing the recommendations. The system must be
constantly monitored (and updated dynamically as the environment
changes) to ensure that the recommendations enable the organization to
meet its objectives
Algorithm: - Ans>>a method or a process that shows how to solve difficult
and complex problem through repeating different steps until the solution is
found, named after algorismus, an arabic mathematician of the 9th century
What does a model include? - Ans>>A model is a functional relationship that
includes
-Variables
-Parameters
-Equations
Management science: 3 definitions - Ans>>Definition 1: the application of a
scientific approach to solving management problems in order to help
managers make better decisions.
Definition 2: is the scientific method of providing executive with an analytical
and objective basis for decisions
Definition 3: is the art of giving bad answers to problems that otherwise have
worse answers.: professor prefers this one
Management science in business - Ans>>It can be used in a variety of
organization to solve many different types of problems
Now a days management science is almost used in all fields
Aimed at assisting the decision maker in decision making process
The 7 step model building process: Step 1: Formulate the problem -
Ans>>The management scientist first defines the organization's problem.
Defining the problem includes specifying the organization's objectives and
the parts of the organization that must be studied before the problem can be
solved
The 7 step model building process: Step 2: Observe the system - Ans>>Next
the management scientist collects data to estimate the value of parameters
that affect the organization's problem. These estimates are used to develop
(in step 3) and evaluate (in step 4) a mathematical model of the
organization's problem.
The 7 step model building process: Step 3: formulate the mathematical
model - Ans>>of the problem. In this step, the management scientist
develops a mathematical model of the problem. In this course, we will
describe many mathematical techniques that can be used to model systems
, The 7 step model building process: Step 4: Verify the model - Ans>>and use
the model for prediction: the management scientist now tries to determine if
the mathematical model developed in step 3 is an accurate representation of
reality
The 7 step model building process: Step 5: present a suitable alternative -
Ans>>given a model and a set of alternatives, the management scientist
now chooses the alternative that best meets the organization's objectives
The 7 step model building process: Step 6: present the results of the
conclusion - Ans>>of the study to the organization. In this step, the
management scientist presents the model and recommendation from step 5
to the decision making individual or group.
In some situations, one might present several alternatives and let the
organization choose the one that best meets its needs. After presenting the
results of the management scientist study, the analyst may find that the
organization does not approve of the recommendation.
This may result from incorrect definition of the organizations problems or
from failure to involve the decision maker from the start of the project. In
this case, the management scientist should return to step 1.2 or 3
The 7 step model building process: Step 7: Implement and evaluate the
recommendations - Ans>>if the organization has accepted the study, then
the analyst aids in implementing the recommendations. The system must be
constantly monitored (and updated dynamically as the environment
changes) to ensure that the recommendations enable the organization to
meet its objectives
Algorithm: - Ans>>a method or a process that shows how to solve difficult
and complex problem through repeating different steps until the solution is
found, named after algorismus, an arabic mathematician of the 9th century
What does a model include? - Ans>>A model is a functional relationship that
includes
-Variables
-Parameters
-Equations
