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Business Decision Modeling

Business Decision Modeling. Introductions Professor Students Housekeeping notes Syllabus Attendance Homework, quizzes, exams, etc. What is Business Decision Modeling?.

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Business Decision Modeling

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  1. Business Decision Modeling • Introductions • Professor • Students • Housekeeping notes • Syllabus • Attendance • Homework, quizzes, exams, etc.

  2. What is Business Decision Modeling? • “The application of scientific approach to solving management problems in order to help managers make better decisions” - Taylor • “...the application of quantitative analysis to managerial decision making.” - Lee • “...operations research may be described as a scientific approach to decision making.” - Hillier and Lieberman • “Operations management is the study of decision making in the operations function.” - Schroeder

  3. QM, OR, OM? • MS is referred to as all of the above: • Management science • Operations research • Quantitative analysis • Operations management • However, it is actually a process for solving problems • What type of problems? In what Industries?

  4. Banking Loan portfolio optimization Credit Card Management Manufacturing Quality Control Production Scheduling Entertainment Demand Forecasting Queuing/Crowd Control Airline/Travel Industry Ticketing/Reservations Airplane Maintenance Marketing Market Research Consumer Preferences Computer Science Software Development Simulation MS is Used Extensively In

  5. Companies Using MS • SABRE Decision Technologies • airline reservation systems • Signet Bank, GE Capital, Providian, Capital One • credit card and financial management • CSX and Union Pacific Railroad • freight transportation • Ernst & Young, McKinsey,Accenture Consultants • business reengineering, forecasting, MIS

  6. MS Process • Identification of the Problem • Definition of the Problem • Modeling of the Problem • Initial Model Solutions/Conclusions • Review and Iteration • Implementation

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