MG 325 Management Science Application
An analysis of systems in operations, systems philosophy, analysis, design and implementation will be the focus. A review of the use of quantitative techniques includes influence chart modeling, decision theory, breakeven analysis, linear programming (and nonlinear programming); optimization, graphical approach, network analysis, stochastic process and dynamic programming will be given. Management science is a scientific approach to solving management problems to help managers make sound decisions. Problems involve business management as a whole -quantitatively and qualitatively - and will include a variety of management science topics. An understanding of the critical path method (CPM) and other elements of project management will be highlighted. Uses and know-how of forecasting in the process of decision making will be taught. An understanding of production and inventory management and queuing theory, as fields within the realm on management science, will be given. Decision tree analysis, networks and other optimization models will be highlighted.