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An Introduction to Management Science, 2012(13th) Edition
Authors: David R. Anderson University of Cincinnati Dennis J. Sweeney University of Cincinnati Thomas A. Williams Rochester Institute of Technology Jeffrey D. Camm University of Cincinnati Kipp Martin University of Chicago 2012 South-Western, a part of Cengage Learning Pages: 1045 Management science, an approach to decision making based on the scientific method, makes extensive use of quantitative analysis. A variety of names exists for the body of knowledge involving quantitative approaches to decision making; in addition to management science, two other widely known and accepted names are operations research and decision science. Today, many use the terms management science, operations research, and decision science interchangeably. The scientific management revolution of the early 1900s, initiated by Frederic W. Taylor, provided the foundation for the use of quantitative methods in management. PROBLEM SOLVING AND DECISION MAKING Problem solving can be defined as the process of identifying a difference between the actual and the desired state of affairs and then taking action to resolve the difference. For problems important enough to justify the time and effort of careful analysis, the problem solving process involves the following seven steps: 1. Identify and define the problem. 2. Determine the set of alternative solutions. 3. Determine the criterion or criteria that will be used to evaluate the alternatives. 4. Evaluate the alternatives. 5. Choose an alternative. 6. Implement the selected alternative. 7. Evaluate the results to determine whether a satisfactory solution has been obtained. Decision making is the term generally associated with the first five steps of the problem solving process. Thus, the first step of decision making is to identify and define the problem. Decision making ends with the choosing of an alternative, which is the act of making the decision. Related Torrents
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