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Lecture Quantiative methods for bussiness - Chapter 1: Introduction

Lecture Quantiative methods for bussiness - Chapter 1 introduction: Body of knowledge; problem solving and decision making; quantitative analysis and decision making; quantitative analysis; models of cost, revenue, and profit; quantitative methods in practice. | Slides by John Loucks St. Edward’s University Chapter 1 Introduction Body of Knowledge Problem Solving and Decision Making Quantitative Analysis and Decision Making Quantitative Analysis Models of Cost, Revenue, and Profit Quantitative Methods in Practice Body of Knowledge The body of knowledge involving quantitative approaches to decision making is referred to as Management Science Operations Research Decision Science It had its early roots in World War II and is flourishing in business and industry due, in part, to: numerous methodological developments (e.g. simplex method for solving linear programming problems) a virtual explosion in computing power 7 Steps of Problem Solving (First 5 steps are the process of decision making) 1. Identify and define the problem. 2. Determine the set of alternative solutions. 3. Determine the criteria for evaluating alternatives. 4. Evaluate the alternatives. 5. Choose an alternative (make a decision). . | Slides by John Loucks St. Edward’s University Chapter 1 Introduction Body of Knowledge Problem Solving and Decision Making Quantitative Analysis and Decision Making Quantitative Analysis Models of Cost, Revenue, and Profit Quantitative Methods in Practice Body of Knowledge The body of knowledge involving quantitative approaches to decision making is referred to as Management Science Operations Research Decision Science It had its early roots in World War II and is flourishing in business and industry due, in part, to: numerous methodological developments (e.g. simplex method for solving linear programming problems) a virtual explosion in computing power 7 Steps of Problem Solving (First 5 steps are the process of decision making) 1. Identify and define the problem. 2. Determine the set of alternative solutions. 3. Determine the criteria for evaluating alternatives. 4. Evaluate the alternatives. 5. Choose an alternative (make a decision). --------------------------------------------------------------------- 6. Implement the selected alternative. 7. Evaluate the results. Problem Solving and Decision Making Quantitative Analysis and Decision Making Define the Problem Identify the Alternatives Determine the Criteria Identify the Alternatives Choose an Alternative Structuring the Problem Analyzing the Problem Decision-Making Process Problems in which the objective is to find the best solution with respect to one criterion are referred to as single-criterion decision problems. Problems that involve more than one criterion are referred to as multicriteria decision problems. Analysis Phase of Decision-Making Process Qualitative Analysis based largely on the manager’s judgment and experience includes the manager’s intuitive “feel” for the problem is more of an art than a science Quantitative Analysis and Decision Making Analysis Phase of Decision-Making Process Quantitative Analysis analyst will concentrate on the quantitative facts or data associated with the problem .