BU275 Lecture Notes - Lecture 1: Linear Programming, Public Administration, Scientific Method
Document Summary
What is management science: management science is a discipline that deals with the application of advanced analytical methods to help make better decisions. Devoted to solving managerial-type problems using quantitative models. It is also known as operations research and decision sciences. History: applications of the method of linear programming were first seriously attempted in the late. A scientific method of providing executive departments with a quantitative basis for decisions regarding the operations under their control. In 1947, the introduction of the american mathematician george dantzig"s simplex method greatly simplified the solution of linear programming problems, and extended the applications of linear programming. Applications: use rational, systematic, science-based techniques to inform and improve decisions of all kinds. Decision paradigms: deterministic: mathematical programming (before midterm) Integer programming: stochastic: unsure about the future, future will be random ally changing (after midterm) Linear programming formulation: we need to determine. Objective function: what do you want to maximize or minimize.
