ADM 2302 Lecture Notes - Lecture 1: Business Analytics, Decision Model

• School: University of Ottawa
• Department: Administration
• Course: ADM 2302
• Professor: Rim Jaber

Document Summary

Application of scientific approach to solving management problems. Seek the determination of the best course of action of a decision problem under restriction of limited resources. Apply to more than just business e. i: government, military, health care. Involves more than just math > also logic. Frederick taylor - father of business analytics in the early 1800s, techniques become popular in. Wwii in the military to reduce casualties and costs. Identify problem define problem maximize profit at the lowest cost determine level of production while staying within limits develop a model linear equation, network. Collect the right data (most challenging) develop a solution test the solution. Model building pick out factors available the are important decision variables exogenous variables policies and constrains criteria and performance measures. If you have a decision problem is decision modeling advantageous to solve your problem if yes choose suitable mathematical technique choose best parameter to get the best solution.