Johnny Ch Lok

Introduction to Managment Science Methods Johnny Ch Lok

The Tools of Management Science: The tools of management science developed specifically for solving managerial problems are listed below: (a) Decision Matrices: Allocation and investment problems involving a relatively small number of possible solutions can be presented in a tabular form known as decision matrix.(b) Decision Trees: The extension of decision matrices for situations involving several decision periods takes the shape of a tree.(c) Mathematical Programming: It attempts to maximize the attainment level of one goal subject to a set of requirements and limitations. It has extensive use in business, economics, engineering, the military and public service, mainly as an aid to the solution of allocation problems.(d) Branch and Bound: It is a step-by-step procedure used when a very large (or even infinite) number of alternatives exist for certain managerial problems.(e) Network Models: This is a family of tools designed for the purpose of planning and controlling complex projects. The best known models are PERT and CPM.(f) Dynamic Programming: It is an approach to decisions that are basically sequential in nature or can be reformulated so as to be considered sequential. It is a very general and powerful tool.(g) Markov Chains: They are used for predicting the outcome of processes where systems or units change their condition over time (e.g., consumers change their preferences for certain brands of commodities).(h) Game Theory: It provides a systematic approach to decision-making in competitive environments and a framework for the study of conflict.(i) Inventory Models: For certain types of inventory control problems, certain models that attempt to minimize the cost associated with ordering and carrying inventories have been developed.(j) Waiting Line (Queuing) Models: For certain types of problems involving queues, special descriptive models have been developed to predict the performance of service systems such as car garages - cars standing in queue for servicing.(k) Simulation Models: For the analysis of complex systems when all other models fail, management science uses descriptive-type simulation models. Specially, five types of models may be employed: 1. Artificial Intelligence.2. Heuristic programming.3. Management games.4. Systems simulation, and5. Monte Carlo simulation. APPLY MANAGEMENT SCIENCE METHODS TO SOLVE PROBLEMS STEPS: Step 1: Searching or finding what is/are the main problem(s) We first present a working definition of science. We use that definition along with our review of evidence on compliance with science by papers published in leading journals to develop operational guidelines for implementing scientific principles. We then developed a checklist to help researchers follow the guidelines, and another to help reviewers-those who fund, publish, or use research to assess whether a paper complies with scientific principles. While the scientific principles underlying our guidelines are well-established, our presentation of them in the form of comprehensive checklists of operational guidance for science is novel. We present evidence that in the absence of such an aid, researchers and research stakeholders will often fail to observe scientific principles. Giving specific and realistic suggestions for addressing our society's pervasive social problems .