Moore & Moore Enterprises

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Introduction

        This section focuses on how problems can be solved by using management science tools and how tools such as Excel spreadsheets aid managers in the decision making process.

Waiting Line example

        This section describes the various decision models that managers utilize. Such models include descriptive and prescriptive (optimization). According to Albright, Descriptive Models are known to describe the model whereas Prescriptive models follow a desired course of action that a manager would use. Next, a further discussion of Optimization models is revisited along with examples.

Modeling versus Models

        Do you know the difference between the two? Is there one? Winston and Albright states that modeling is considered a process and models are tools used to make decision like the transportation model. To be honest, the difference isn’t quite clear but in time, all will tell.

The seven step modeling process

        This section talks about the seven step modeling process utilized in management science modeling. They are as follows: Define the problem, Observe the system and collect data, formulate the model, Verify the model and Use of the model, Select suitable alternatives, Present results of the study to organization, and last, Implement and evaluate recommendations.

Successful Management Science application

        This section is quite lengthy but quite interesting. This is when you apply the Seven Step Modeling process to the various applications presented. Such companies include Citgo Petroleum, San Francisco Police, and GE Capital. Other definitions discussed are DMM (Delinquent Movement Matrices) and SDM (Supply Distribution Marketing Systems).

Why Management Science

        There are four explanations to why managers should consider management science. They are as follows: Management science helps you to think logically and consider various decision variables before making a final decision, built around quantitative skills, a valuable asset in the business world, increase spreadsheet skills, and helps build up your intuition.