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Chapter 1 Introduction

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

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Chapter 1 Introduction

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  1. Chapter 1Introduction Exposure to quantitative methods will teach managers to ask the right questions. Quantitative Decision Making

  2. Continuing Successes Managing R&D Determining Number of Bank Tellers Locating Warehouses Designing Ports Fire Fighting Investing Distribution Inventory Scheduling Flights

  3. Further Successes • Optimizing Agriculture • Waiting in Lines • Satellite Communications • Political Campaign Strategies

  4. Management Science and Operations Research • Finding Optimal Solutions • Mathematical Optimization Procedures

  5. Organization of Book • Introduction • Decision Making and Planning with Uncertainty • Resource Allocation • Distribution, Routing, and Scheduling • Inventory Management • Simulation and Waiting Lines

  6. 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

  7. Models and Decision Making • Constraints and Feasible Solutions Q< 300 • Optimal Solutions • Algorithms and Model Types

  8. Computer Solutions • Excel Spreadsheets

  9. Computer Solutions • QuickQuant

  10. The Importance of Studying Quantitative Methods • Increases decision-making confidence. • Provides problem-solving skills. • Raises ability to cope with decisions. • Learn spreadsheet skills.

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