Flores_Vicente Jr._2.

1BSA_Exercise 1

MODULE 1
MANAGEMENT SCIENCE

Task 1: Read material 1. Copy and answer exercise 1 on a sheet of paper. Indicate your name,
student #, subject code, subject section, date, time, block, college, course, year level, school year,
school term in every page. To ensure uniformity, please use short bond paper. For purposes of
readability, electronic outputs should be encoded using Century Gothic, font size 12.
Handwritten outputs should be rendered in print, not in script.

Exercise 1: Answer the following:

A. Define - Management Science

- Management science is a field that applies a scientific approach to problem
solving to assist managers in making informed decisions.
- The purpose of management science is to propose the course of action that is
likely to provide the greatest results given the available resources.
B. How many steps are there in Problem Solving? Name Them
- We have 5 steps to solve a problem : Identifying the Problem, Generating Ideas,
Evaluating Ideas, Deciding on a solution and Trying it, and Doing it work?
○ Identifying the Problem
- Sometimes children will mistake one item for the problem, when it
is actually something different. Make certain that you comprehend
the scenario and that you have clarified the precise difficulty.
○ Generating Ideas
- Create various solutions to a problem. Not all of them will work,
but you're not attempting to figure out which ones will and won't
during this phase; instead, you're just trying to produce as many
ideas as possible.
○ Evaluating Ideas
- Go over the list and decide which ideas to pursue and which to
discard.
○ Deciding on a solution and Trying it
- Pick an idea for solving the problem and give it a try.
○ Doing it work?
- Check in after you've tried to address the problem to see whether it
worked. If it did, that's fantastic! If it didn't, simply return to step 3
and select another option that came to mind.
C. How many steps are there in Decision Making? Name Them
 - We have 7 steps in the decision-making process: Articulate The Decision, Gather
Information, Identify Your Options, Evaluate The Information, Select Your
Decision, Implement The Decision, and Review Your Decision.
○ Articulate The Decision
- Identify the issue and what decision needs to be made.
○ Gather Information
- Do intensive research of relevant background.
○ Identify Your Options
- After gathering the information, tease out the possible and most
likely decisions.
○ Evaluate The Information
- See how the research and background you’ve identified aligns to
one or more of your decision options.
○ Select Your Decision
○ Implement The Decision
- Take all the steps necessary to make sure the decision is made and
followed.
○ Review Your Decision
- Refine as needed as you go forward, and evangelize results for
future needs.
D. What is the role of Quantitative Analysis?
- In a merger evaluation, qualitative analyses can (and should) give valuable
evidence.
- Quantitative evidence should be considered in addition to qualitative evidence.
E. How is Quantitative Analysis and Decision Making related?
- Analysis Phase of Decision-Making Process
○ Quantitative Analysis
■ The quantitative facts or data linked with the problem will be the
focus of the analyst.
■ The analyst will create mathematical expressions that define the
problem's objectives, limitations, and other linkages.
■ To provide a suggestion, the analyst will employ one or more
quantitative methodologies.
F. Flowcharting is a tool, For what?
- A flowchart depicts the individual phases of a process in sequential order. It is a
general tool that may be used to define a range of processes, such as a
manufacturing process, an administrative or service process, or a project plan.
G. What is a Model?
- A model is a system that represents one or more
facets of some other system.
- Typical model → facet combinations:
Drawing or solid model → geometry.
Prototype → geometry & operation.
Graph → variation of variable with independent variable(s)
(time, space, etc.).
Equilibrium equation → select state variables at steady
state.
Dynamic equation → variation of select state variables
with time.
Computer simulation → similar to equations.