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.
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.