MANAGEMENT SCIENCE (MID EXAM) Flashcards
(60 cards)
What is another name for management science?
a. Business analytics
b. Operations research
c. Strategic management
d. financial modeling
b. Operations research
Management science primarily uses what approach to aid decision-making?
a) Intuitive
b) Scientific
c) Qualitative
d) Subjective
b) Scientific
What is a key goal of management science?
a) To complicate decision-making
b) To replace managers
c) To assist managers in making more effective decisions
d) To eliminate the need for communication
c) To assist managers in making more effective decisions
According to some, using inaccurate data or inappropriate models could result in what?
a) Positive outcomes
b) Detrimental effects on the organization
c) Neutral results
d) Faster decision-making
b) Detrimental effects on the organization
Which of the following is an argument against using management science?
a) Its simplicity
b) Its low cost
c) It can be time-consuming
d) Its lack of potential
c) It can be time-consuming
What does transportation planning aim to achieve?
a) To increase delivery time
b) To minimize costs of delivering goods
c) To complicate delivery routes
d) To maximize fuel consumption
b) To minimize costs of delivering goods
Management science is considered a(n) ___ field
a) Independent
b) Interdisciplinary
c) Theoretical
d) Abstract
b) Interdisciplinary
Which of the following is NOT a characteristic of management science?
a) Emphasis on managerial decisions
b) Use of scientific methods
c) Reliance on intuition
d) Use of mathematical models
c) Reliance on intuition
Management science integrates knowledge from which of these areas?
a) Economics only
b) Engineering only
c) Business consulting only
d) Economics, engineering, and business consulting
d) Economics, engineering, and business consulting
One of the limitations of management science is that it relies on ____ by managers
a) Interpretation
b) Implementation
c) Intuition
d) Feedback
a) Interpretation
Which area of application involves the design of a new factory layout?
a) Portfolio analysis
b) Facility design
c) Market research
d) Transportation planning
b) Facility design
Which of the following is a use case for the allocation of scarce resources?
a) Deciding how to distribute funds among departments
b) Hiring new staff
c) Expanding office space
d) Buying new marketing material
a) Deciding how to distribute funds among departments
This field uses a scientific approach to aid decision-making, also called operations research:
Management science
What would be an example of applying management science for “investment decisions?”
a) Hiring new employees
b) Developing a new brand
c) Deciding which new projects to invest in
d) Choosing a location for a new office
c) Deciding which new projects to invest in
(6) What are the Special Characteristics of Management Science
•A primary emphasis on decisions made by managers.
•The utilization of scientific methods in the process of decision-making.
•Analyzing the decision-making scenario from a comprehensive viewpoint.
•Incorporating methodologies and knowledge derived from various disciplines.
•Depending on well-defined mathematical models.
•Employing technology, such as computers, software, or applications.
The scientific analysis involved often necessitates expertise in translating _______
into actionable steps, potentially posing a challenge for individuals without such skills
numerical values
Some individuals believe that
______ cannot be conveyed to those who do not possess the skills to arrive at them.
optimal solutions
** (6) Major Limitations of Management Science**
The sources provide a list of arguments against using management science in real-life situations:
- Time-consuming
- Difficulty in assessing uncertainties
- The tendency to be more costly relative to the size of the problem.
- Some decision-makers do not appreciate the results
- The use of oversimplified mathematical tools that do not match real-life situations
- Experiments/studies are not used for various reasons, which take up unnecessary expenses
This could involve determining the optimal quantity of raw materials a manufacturing company needs
to keep on hand to minimize storage costs while ensuring production needs are met.
Inventory control:
An example is deciding the layout of a new factory to optimize workflow and minimize transportation time
between different production stages
Facility design:
This might include choosing the best combination of stocks, bonds, and other investments for a client’s portfolio, based on their risk tolerance and financial goals
Portfolio analysis and securities:
An example would be deciding how many of each product a company should produce to
maximize profit given constraints on production capacity and demand.
Product-mix determination:
This could involve creating a schedule for a construction project that minimizes the total project time by ordering the different tasks efficiently.
Scheduling and sequencing:
