MGOC10H3 Lecture Notes - Lecture 1: Dynamic Programming, Standard Deviation, Goal Programming
Document Summary
Chapter 1 introduction to quantitative decision making. Outline: body of knowledge, problem solving and decision making, qualitative vs quantitative approach, quantitative analysis, management science techniques. Body of knowledge: body of knowledge involving quantitative approaches to decision making is referred to as, management science, operations research, decision science. Integer linear programming: linear programming, pert/cpm, waiting line models, simulation. Inventory models: decision analysis, goal programming, analytic hierarchy process, forecasting, markov-process models, dynamic programming. Quantitative analysis and decision making steps: define the problem, identify the alternatives, determine the criteria, evaluate the alternatives, choose an alternative. Qualitative vs quantitative approach & reasons for quantitative approach. Qualitative approach to decision making: 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. Example: a store manager needs to come up with a schedule for which employee is working on which day for next week.
