1. Scientific approach to decision-making
In this approach, past data is used in determining decisions that would prove most
valuable in the future
In this approach, past data is used in determining decisions that would prove most valuable in
the future
Firstly, the key decision and the objective of the problem must be identified from the
problem
The advantages of mathematical modeling are many:(a)Models exactly represent the real
problem situations.(b)Models help managers to take decisions faster and more
accurately.(c)Models save valuable resources like money and time.(d)Large and complex
problems can be solved with ease.(e)Models act as communicators to others by providing
information and impact in changing conditions.
Finance and Accounting:
Cash flow analysis, Capital budgeting, Dividend and Portfolio management, Financial
planning.
Marketing Management:
Selection of product mix, Sales resources allocation and Assignments.
Production Management:
Facilities planning, Manufacturing, Aggregate planning, Inventory control, Quality control,
Work scheduling, Job sequencing, Maintenance and Project planning and scheduling.
Personnel Management:
Manpower planning, Resource allocation, Staffing, Scheduling of training programmers’.
General Management:
Decision Support System and Management of Information Systems, MIS, Organizational
