11 important areas of application of management science in decision making


11 important areas of application of management science in decision making

1. Market analysis:

Market strategy planning, preventive maintenances, programme planning, man power training programme design.


2. Linear Programming (LP):

Product mix decisions, oil refinery operation, capital structure planning, capital budgeting, advertising media assignment.

3. Assignment and transportation models:

Physical distribution planning, production planning, manpower assignment, machine assignment, space allocation.


4. Goal Programming:

Advertising decisions, economic predictions, investment analyses.

5. Inventory models:

Raw material inventory planning, retail sales inventory planning.


6. Network models:

Project scheduling, project budgeting, traffic control, pipeline routing, communication networks.

7. Dynamic programming:

Complex systems analysis, sales distribution, planning production and inventory planning.


8. Decision theory:

Investment decisions, military strategy planning, medical decisions, gambling (football, basketball, betting).

9. Game theory:

Collective bargaining decisions, bidding strategy planning, military strategy planning.


10. Simulation:

Complex systems analysis, stochastic systems analysis, shop scheduling and planning, inventory policy planning.

11. Waiting line models (queues):

Service facility planning, road and freeway design, plant layout planning.

Web Analytics
Kata Mutiara Kata Kata Mutiara Kata Kata Lucu Kata Mutiara Makanan Sehat Resep Masakan Kata Motivasi obat perangsang wanita