1 / 6

Business Decision Modeling

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

fey
Download Presentation

Business Decision Modeling

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  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

More Related