RELEVANCE AND

OPPORTUNITIES IN DECISION
SCIENCES AREA
Suppose you’ve been given Rs 2000
and have to choose between two
options:
A. Return Rs 500 immediately and
keep the remaining amount.
B. Flip a coin and return Rs.0 if
heads comes or return Rs.1000 if
tails comes and keep remaining
amount.
A shirt manufacturer wants to make
that size of the shirt which is in most
demand. He conducts a survey and
found that 40 respondent told 38 size
while 60 told 42 size. Based on this
information he manufactured size 40
shirts!
Vimal is a real estate agent . He knows last year prices
of houses that were sold in his area . The list of prices
are given below:
 Rs. 750,000
 Rs. 755,000

 Rs. 780,000

 Rs. 730,000

 Rs. 700,000

 Rs. 800,000

 Rs. 1500,000

 Rs. 790,000

A customer asked Vimal about the prevailing price of

the houses in that area.
A man was to cross a water. He know
the average depth of the river is 4 feet.
Since he was 6 feet tall, so he was very
confident. Hence, he decided to cross
the river. What happened –he drowned.
Ms. Jyoti and Mr. Anuj are two eligible
candidates for the position of chief
Manager (HR) of Xennon Ltd. Their
overall performance rating for the last
five years are summarized below. Who
is more eligible?
Year Jyoti Anuj
2008 58 81
2009 80 82
2010 90 79
2011 64 78
2012 85 81
A company wants to know income level
of Lucknow city. Its employee decided
to take a small fraction of city
population and collected data near his
residential colony that happens to be a
posh locality. The income level thus
found was much higher than actual
income.
A company has to decide whether to
introduce a new product into the market or
not. The company will introduce the
product if at least 25% of the target
population will accept the product so that
the risk of product failure is minimized.
The company conducted a survey and found
that 27% of the target sample indicate their
acceptance of the product. Should company
launch their product.
An entrepreneur wants to enter in
furniture business. He initially decided to
make tables and chairs. Each chair
requires 2 kg of wood and table requires 3
kg of wood. Each chair requires 2 hour of
labour and each table requires 1 hour of
labour to complete. There are 10 labours
to work 8 hours a day. The company sells
chairs and tables at Rs 250 per unit and
270 per unit. The govt. has fixed 60 kg
consumption limit on wood each day.
What will he do?
A Bank which has been steadily losing
customers in the light of intense
competition wants to investigate the
reasons for the loss of customers. How
can you help the bank to retain
existing customers and attract new
customers.
RELEVANCE
• Management is essentially a decision making process.
• A manager's life is a continuous decision making
activity.
• Difference between effective and ineffective manager
lies in their ability to take decisions.
• Business decisions are rarely made by intuitions alone.
• Informed and objective decision making.
• Minimizing uncertainty in life.
• Reducing the risk of making wrong decisions.
 APPLICATIONS OF DECISION SCIENCES
 Systematic enquiry:
 Process of planning, acquiring, analyzing and disseminating relevant
information.

 Handling and analyzing the data:

 Acquisition, analysis, aggregation and presentation of data.
 Extracting meaningful information from the data.

 Developing art of modeling:

 Clarifying the decision alternatives.
 Dealing with complexities and uncertainties

 Evaluation leading to informative conclusions.

 Enhancing the analytical skills.

LINKAGE WITH FUNCTIONAL
AREAS
 Marketing
 Finance

 Production

 HR

 IT
COURSES OFFERED

Course Trimester
1 Compulsory Business Statistics I

2 Compulsory Operation II
Research

3 Compulsory Research Methods III

in Management

4 Elective Supply Chain IV

Management

5 Elective Quality V
Management

6 Elective Project VI
Management
BUSINESS STATISTICS
After undergoing this course, students will be able:
• To understand quantification of raw business data into
meaningful information.
• To categorize the data they are dealing with.
• To summarize and describe the data.
• To compute and analyze quantitative value to define
business uncertainty.
• To examine sample (s) to infer about the population (s)
• To determine the relationship between two or more
variables.
• To interpret statistical results and specify business
implications.
• To generate analytical ability for analyzing business
data.
OPERATION RESEARCH
After undergoing this course, students will be able:
• To convert business problem into an appropriate model.
• To demonstrate the art of modeling with spreadsheet.
• To analyze the behavior of decision variables with change in
business situations.
• To identify various strategies, its possible implications and
choosing optimal strategy in a competitive situation.
• Simulation.
• Modeling in random situation.
• To transform complex real situations into model involving
multi objective and multi-criteria decision making in
integrated form.
RESEARCH METHODS IN MANAGEMENT
After undergoing this course, students will be able to:

• Design the basic research process.

• Define the Management Decision Problem and Business
Research Problem.
• Identify the type of information required for each research
objective.
• Identify the correct scale of attitude measurement.
• Identify appropriate technique to collect data.
• Design appropriate sample and sampling procedures.
• Design proper questionnaire for the target segment.
• Analyze data by editing, coding and using appropriate
statistical methods.
OPPORTUNITIES IN DECISION SCIENCES
 CORE JOBS
 APPLIED JOBS
THANK YOU