MANSCIE-WEEK 1

• It is a scientific approach to solving management problems

  Management Science
• Management Science can also be referred to as

  Operations Research, Quantitative Methods, Quantitative Analysis, and Decision Sciences
• The science method approach consist of (5):

  Observation, Problem Definition, Model Construction, Solution, and Implementation
• It is understanding the situation

  Observation
• It is pinpointing the problem and setting of objectives

  Problem Definition
• It is the abstract mathematical representation of a problem

  Model Construction
• It is the logical resolve to a problem

  Solution
• It is the execution of the solution

  Implementation
• Tools and Techniques in Management Science (4)

  Breakeven Analysis, Linear Programming, Forecasting, Queuing Theory
• Most frequently used techniques in operations research

  • Linear and integer programming
  • Simulation
  • Network analysis (including critical path method/project evaluation and review technique [CPM/PERT])
  • Inventory control
  • Decision analysis
  • Queuing theory, as well as probability and statistics
• It refers to the measurement or expression of data in numerical terms.

  Quantitative
• It involves the use of quantitative methods, such as _ or __, to analyze and interpret information

  Statistics, Mathematical Models
• The Quantitative Methods (8)

  • Surveys and Questionnaires
  • Experiments
  • Observational Studies
  • Statistical Analysis
  • Data Mining 
  • Simulation
  • Econometrics
  • Content Analysis
• The Roles of Quantitative Methods in Decision Making (7)

  • Data Analysis
  • Risk Assessment
  • Optimization
  • Forecasting
  • Comparative Analysis
  • Decision Models 
  • Performance Measurement
• The Quantitative Method: Gathering data through structured sets of questions, often with numerical responses.

  Surveys and Questionnaires
• The Quantitative Method: Conducting controlled experiments to observe and measure outcomes in a systematic way.

  Experiments
• The Quantitative Method: Systematically observing and recording behavior or phenomena without intervening.

  Observational Studies
• The Quantitative Method: Using statistical techniques to analyze data, such as mean, median, regression analysis, and hypothesis testing.

  Statistical Analysis
• The Quantitative Method: Exploring large datasets to discover patterns, correlations, and trends.

  Data Mining
• The Quantitative Method: Creating models to imitate real-world processes and analyze their behavior under different conditions.

  Simulation
• The Quantitative Method: Applying statistical methods to economic data to test hypotheses and forecast future trends.

  Econometrics
• The Quantitative Method: Analyzing the content of texts or media to quantify certain characteristics or patterns.

  Content Analysis
• The Roles of Quantitative Methods in Decision Making: Quantitative methods analyze numerical data for pattern identification.

  Data Analysis
• The Roles of Quantitative Methods in Decision Making: Systematically quantify and assess risks for informed decision-making.

  Risk Assessment
• The Roles of Quantitative Methods in Decision Making: Optimize resource allocation and maximize outcomes through quantitative analysis.

  Optimization
• The Roles of Quantitative Methods in Decision Making: Use historical data to predict future trends and scenarios.

  Forecasting
• The Roles of Quantitative Methods in Decision Making: Objectively evaluate and compare options through numerical assessment.

  Comparative Analysis
• The Roles of Quantitative Methods in Decision Making: Create mathematical models to simulate scenarios for decision evaluation.


  Decision Models
• The Roles of Quantitative Methods in Decision Making: Provide metrics for ongoing assessment and improvement of decisions.

  Performance Measurement
• Management science plays a crucial role in accounting decision-making by providing quantitative methods and analytical tools.