Management Science

Helps analyze and solve organizational problems. It uses scientific and quantitative methods to set up models that are based on controllable variables and analyze them using scientific methods.

Steps in Decision Making

• Identify the problem(s)• Select alternative solutions• Collect relevant data• Analyze data using models• Evaluate alternatives• Select alternative(s)• Implement solution(s)• Evaluate solution(s)

Conditions of Decision Making

• Certainty

• Risk

• Uncertainty

Types of Models

• Deterministic Models

• Stochastic Models

Types of Data

• Quantitative Data

- Continuous Data

- Discrete Data

• Qualitative Data

- Rank Data

- Nominal Data

Quantitative Models

• Linear Programming• PERT/CPM• Inventory• Waiting Lines (queuing)• Game Theory• Decision Theory• Transportation• Network• Assignment