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.