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Introduction To Management Science

This document introduces quantitative analysis and management science. It discusses that the main objectives of managers are effectiveness and efficiency. It also outlines the four main areas of management as operations, marketing, human resources, and financial. Limited resources are identified as manpower, machine, money, methods, materials, and minutes. Quantitative analysis is defined as a scientific approach to managerial decision making using data rather than whims or emotions. Both qualitative and quantitative factors must be considered in problem solving.

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Justz Lim
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203 views1 page

Introduction To Management Science

This document introduces quantitative analysis and management science. It discusses that the main objectives of managers are effectiveness and efficiency. It also outlines the four main areas of management as operations, marketing, human resources, and financial. Limited resources are identified as manpower, machine, money, methods, materials, and minutes. Quantitative analysis is defined as a scientific approach to managerial decision making using data rather than whims or emotions. Both qualitative and quantitative factors must be considered in problem solving.

Uploaded by

Justz Lim
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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INTRODUCTION TO MANAGEMENT SCIENCE 2.

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

Efficient + Effective = Optimal Output

Four Areas of Management

1. Operations
2. Marketing
3. Human Resources
4. Financial

What are the limited resources?

1. Manpower
2. Machine
3. Money
4. Methods
5. Materials
6. Minutes (time)

What is Quantitative Analysis?

Quantitative analysis is a scientific approach to


managerial decision making. Whim, emotions and
guesswork are not part of the quantitative analysis
approach. The approach starts with data.

In solving problems, managers must consider both


qualitative and quantitative factors. Qualitative factors,
such as weather, state and federal legislation, new
technological breakthroughs, the outcome of an election,
should be considered.

Because of the existence of qualitative factors, the role of


quantitative analysis in the decision-making process can
vary. However, when qualitative data is lacking,
quantitative data can automate the decision-making
process.

“Qualitative and quantitative data go hand in hand.”

Why are qualitative data in quantitative analysis?

- qualitative inputs from experts can greatly affect


the decision

- depends on the environment/ circumstances

Quantitative Analysis Approach

1. Defining the problem


a. When is a problem considered a
problem? When you recognize it as one.
b. A problem must be eliminated from the
source, not the symptoms.

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