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Introduction To Management Science
Introduction To Management Science
Developing a Model
a. A model is usually a mathematical
The main objective of managers is to attain the goal with equation of a situation.
efficiency and effectiveness. b. Deterministic Model – all data are known
Effectiveness– how well the job was done and having the c. Probabilistic Model – not all data are
best possible outcome known.
3. Acquiring Input Data
Efficiency – meeting goals without wasting resources or
using the least amount of resources
1. Operations
2. Marketing
3. Human Resources
4. Financial
1. Manpower
2. Machine
3. Money
4. Methods
5. Materials
6. Minutes (time)