The Management Science Approach. Problem Definition. What is Management Science?. Scientific approach applied to decision making “Mess management”-- Early developer of MS “The use of logic and mathematics in such a way as to not to interfere with common sense”
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Using of scare resources to achieve maximum profits when there are constant returns to scale.
Determining integer quantities (such as people, machines, airplanes, etc.) that maximize profits.
Using specialized linear models to determine routes of shortest distance, connections that tie points together of minimum length or finding a maximum flow (through a series of pipes)
Scheduling of the various tasks that make up a project in order to minimize the time or cost it takes to complete the entire project.
Making decisions about the best course of action when the future is not known with certainty.
Determining how much of a product to order and when to place the order to minimize overall total costs.
Analyzing the behavior of customer waiting lines to determine optimal staffing policies.
Analyzing a variety models whose forms do not meet the assumptions or are too complex to be solved by other specialized techniques.