Tom 315 Study Guide

May 6th, 2015
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Management Science: Scientific approach to solving management problems. Decision making and problem solving based on quantitative analysis. Origins: Operations Research in World War II . logistics, transportation, scheduling.

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Tom 315 Study GuideManagement Science: Scientific approach to solving management problems. Decision making and problem solving based on quantitative analysis. Origins: Operations Research in World War II . logistics, transportation, scheduling. Quantitative Analysis Model Development, Representation of reality. Less time-consuming, Less expensive, Enables what-if analyses. Deterministic: Values of parameters known and cannot vary. Probabilistic or Stochastic: Values of parameters uncertain and subject to variation. Graphical Solution Procedure: Graphical procedure applies only to prob

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