MANAGEMENT SCIENCE REVIEWER

INTRODUCTION TO MANAGEMENT SCIENCE

MANAGEMENT - Coordination and Administration of tasks to achieve the goal.

- It focuses on people; Needed to manage the resources, people, time and money.

MANAGEMENT SCIENCE
- Study of problem solving and decision making in organization
- Focuses on how people manage and decide along the process.

DIFFERENCES
MANAGEMENT
- Process of dealing with or controlling things or people.
- Ensures people money and time. Budget needed.

MANAGEMENT SCIENCE
- How to Manage money
- They solves problem
- Studies on process of decision making, # of people to be hired, span time of a
project, and assigned budget
- People from the Management

5 FUNCTIONS OF MANAGEMENT
1. Planning - Deciding, Production, Strategies, etc.
2. Organizing - process of assigning task to people
3. Staffing - Requirement of a position in an org.
4. Leading - Focuses on people; one who leads the path of project
5. Controlling - Includes management effort; ongoing updates for the plan

SUMMARY:
Management Science - identifies processes to be done; helps to manage and guide to the
resources needed.

Management connotes people while Management Science is on how these people decide
on behalf of the business.
Management Science
- approach the manager to solve problems in the process making, quantity and
quality being produced.
- Considered as systematic and analytical approach through scientific observation

CHARACTERISTICS OF MANAGEMENT SCIENCE

1. System Orientation - an activity that has to be evaluated, and identify possible
interaction.
2. Interdisiplinary - There is a unique solution that proves the probability of the
resources.
3. Scientific Method - There are critical factors that have to be observed.
4. New Problems Encountered
5. Decision Making
6. Quantitative Solution
7. Human Factors

MODELLING

Modeling
- Is a systematic description of an object or phenomenon that shares important
characteristicsen with the object or phenomenon.
- Representation of an object

Importance of Modelling
- With the aid of models we can see the system or visualize the system to be built.

RELATION OF MODELING TO EXPERIMENTATION

- Before the construction of models it requires testing and experimentation of the
model.

CLASSIFICATION OF MODELS BASED ON STRUCTURE

1. Iconic Model - every icon have characteristics; based on image or icon
2. Analog Model - it has a physical quantity that will identify if it is analog or not.
 3. Mathematical Models - use of a set of mathematical symbols to represent.

CLASSIFICATION BY THE NATURE OF ENVIRONMENT

Deterministic - all aspects are known with certainty
Probabilistic - t cannot be predicted with certainty

CLASSIFICATION BY ITS PURPOSE

STATISTIC MODELS - do not consider changes
DYNAMIC MODELS - subject for changes

SIMPLEX SOLUTION TO PROGRAMMING

Linear Programming
- Mathematical modeling technique in which a linear function is maximized or
minimized when subjected to various constraints.