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Introduction to Management Science 472.21 1 Fall 2011 Bruce Duggan Providence University College

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Management Science 1.What is it? 2.What’s it good for? 3.The textbook!?!?!?!? 4.What are we going to do?

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What is it? Management Science in 6 words: tackle business problems using models not a single technique a collection of tools words math graphs

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1. What is it? Niverville Young People’s Lemonade Stand Sale price23¢/glass Our cost8¢/glass Stand & flyers$100 Expect to sell400 glasses We’ll make:? words math graphs

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1. What is it? Niverville Young People’s Lemonade Stand Price23¢/glass Variable costs8¢/glass Fixed costs$100 Volume400 glasses Profit? words math graphs

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1. What is it? Niverville Young People’s Lemonade Stand p =0.23 c v =0.08 c f =100 v =400 Z =? words math graphs

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1. What is it? Math model: NYP Lemonade Stand profit = volume price – fixed costs – volume variable costs Z = vp - c f - vc v words math graphs

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1. What is it? Math model: NYP Lemonade Stand Z = vp - c f - vc v breakeven: words math graphs v= cfcf p-c v v= 100.00 0.23-0.08

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1. What is it? Math model: any selling activity Z = vp - c f - vc v breakeven: words math graphs v= cfcf p-c v

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Graph model: 1. What is it? v (volume) 0 2004006008001000120014001600 c f (fixed cost) revenue 100 200 300 400 $ expenses c v (variable cost) words math graphs price: 25 cents?

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Graph model: 1. What is it? v (volume) 0 2004006008001000120014001600 100 200 300 400 c f (fixed cost) revenue $ expenses c v (variable cost) price: 25 cents? variable cost: 6 cents?

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Graph model: 1. What is it? v (volume) 0 2004006008001000120014001600 100 200 300 400 c f (fixed cost) revenue $ expenses c v (variable cost) price: 25 cents? capital cost: $50? variable cost: 6 cents?

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Graph model: 1. What is it? v (volume) 0 2004006008001000120014001600 100 200 300 400 c f (fixed cost) revenue $ expenses c v (variable cost) price: 25 cents? capital cost: $50? variable cost: 6 cents?

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1. What is it? Management Science focuses on theoretical general deductive applied specific inductive

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2. Uses mixing products actions scheduling carriers people projects choosing between projects methods priorities predicting lines inventory outcomes

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2. Uses guessingcertainty superstition & absolute confusion Spock-like clarity

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3. The textbook!?!?!?!? How to get through it we’re not going to do it all don’t read too far ahead Applications & Cases OK open book answer book on reserve don’t fall behind

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4. What are we going to do? Syllabus Take it one week at a time 4.5 hrs / week 1 hr- read chapter 1.5 hr- scheduled study group 2 hr- work through problems yourself We’re in this together talk to each other come see me

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For Tue Read ch 1 1 hr don’t worry about QM pg 14-15 focus on Excel pg 13 Do either case 1 or 2 pg 27-28 1½ hr then stop

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Introduction to Management Science

Introduction to Management Science

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