100 likes | 209 Views
Chapter 1 Introduction. Exposure to quantitative methods will teach managers to ask the right questions. Quantitative Decision Making. Continuing Successes. Managing R&D Determining Number of Bank Tellers Locating Warehouses Designing Ports Fire Fighting Investing Distribution
E N D
Chapter 1Introduction Exposure to quantitative methods will teach managers to ask the right questions. Quantitative Decision Making
Continuing Successes Managing R&D Determining Number of Bank Tellers Locating Warehouses Designing Ports Fire Fighting Investing Distribution Inventory Scheduling Flights
Further Successes • Optimizing Agriculture • Waiting in Lines • Satellite Communications • Political Campaign Strategies
Management Science and Operations Research • Finding Optimal Solutions • Mathematical Optimization Procedures
Organization of Book • Introduction • Decision Making and Planning with Uncertainty • Resource Allocation • Distribution, Routing, and Scheduling • Inventory Management • Simulation and Waiting Lines
Models and Decision Making • The Mathematical Model: Parameters and Variables Minimize A = Annual number of items demanded k = Cost of placing an order h = Annual holding cost per dollar value c = Unit cost of procuring an item
Models and Decision Making • Constraints and Feasible Solutions Q< 300 • Optimal Solutions • Algorithms and Model Types
Computer Solutions • Excel Spreadsheets
Computer Solutions • QuickQuant
The Importance of Studying Quantitative Methods • Increases decision-making confidence. • Provides problem-solving skills. • Raises ability to cope with decisions. • Learn spreadsheet skills.