Management Science
is the process
of planning, organizing,
coordinating, directing, and
regulating resources such as
people, materials, time, and
money in order to achieve An
organization's objective.
Management
consist of Board
of Director, Managing Director,
C.E.O. Their main responsibility
is planning and coordinating.
Managerial or Top level management
is mostly performed by the top level managers
Planning
determining and grouping the activities in a systematical patterns
Organising
involves select people properly according to the position
Staffing
the art of getting things done by the people
Directing
General managers, branch managers, and department managers are known as middle-level managers.
Executive or Middle level management
A process of solving management problems with the use of scientific approach.
Quantitative Analysis Approach
Steps of Quantitative Analysis Approach
1. Defining the Management Problem
2. Developing Model
3. Gathering Quantitative Data
4. Finding the Optimal Solution
5. Cheking the Result
6. Analyzing and Evaluating the Result
7. Implement the Findings
The main concern of a management problem is to improve the profitability level and reduce the costs of a business organization.
Defining the Management Problem
A model is representation of an event, situation, relationship or reality.
Developing Model
Four types of different model
Physical Model, Scale Model, Schematic Model, Mathematical Model
The two important factors that must be considered in the collection of quantitative data are the accuracy of data and their reliability of source.
Gathering Quantitative Data
Most mathematical models involves a series of repeated procedures to find solutions. This process known as an algorithm. AGONA Problem
Finding the Optimal Solution
This process involves reviewing the accuracy and completeness of the data used in the model.
Checking the Result
Evaluating the results refers to making judgements, based on a particular criterion or standards whether or not to proceed with the findings.
Analyzing and Evaluating the Result
This happen when the management has understood the underlying concepts of the approach conducted and is fully convinced of the likelihood
Implement the Findings
function is the process that effectively measures current performance and guides the work towards the pre-determined objectives.
Controlling
Management Supervisor, foreman, and first-line managers are at this level.
Supervisor or Operative level
Management Science Tool
Linnear Programming, Decision Theory, Regression Analysis, Cost-Valume-Profit Analysis