Management Science school (Quantitative Management Perspective): Show
This school consists of three main branches:
Operations research (OR) is an analytical method of problem-solving and decision-making that is useful in the management of organizations. In operations research, problems are broken down into basic components and then solved in defined steps by mathematical analysis. The process of operations research can be broadly broken down into the following steps:
Disciplines that are similar to, or overlap with, operations research include statistical analysis, management science, game theory, optimization theory, artificial intelligence and network analysis. All of these techniques have the goal of solving complex problems and improving quantitative decisions. The concept of operations research arose during World War II by military planners. After the war, the techniques used in their operations research were applied to addressing problems in business, the government and society. Characteristics of operations researchThere are three primary characteristics of all operations research efforts:
Importance of operations researchThe field of operations research provides a more powerful approach to decision making than ordinary software and data analytics tools. Employing operations research professionals can help companies achieve more complete datasets, consider all available options, predict all possible outcomes and estimate risk. Additionally, operations research can be tailored to specific business processes or use cases to determine which techniques are most appropriate to solve the problem. Uses of operations researchOperations research can be applied to a variety of use cases, including:
This was last updated in September 2019 Continue Reading About operations research (OR)
What is the Quantitative Approach to Management?The quantitative approach applies statistics, optimization models, information models, computer simulations, and other quantitative techniques to the management process. Central to the quantitative approach is the principle that organizations are decision-making units. These decision-making units can be made more efficiently using mathematical models that place relevant factors into numerical terms. The primary branches of quantitative management include:
Back to: BUSINESS MANAGEMENT Quantitative Management TechniquesSome of the primary techniques applicable to Quantitative Management include:
What is Management Science?This branch of management theory focuses on the development of mathematical and statistical models as a simplified representation of a system, process, or relationship as models, formula, and equations. These techniques help managers make maximum use of organizational resources to produce goods and services. This field of management has grown significantly with the development of computer systems and computational abilities. What is Operations Management?Operations management is a field of management focusing on efficiency, effectiveness, and producing or organizational systems, process, and functions used in the manufacture of goods or provision of services. It focuses on the operation and control of the production process (such as the use of resources) that transform resources into finished goods and services. It also looks at the extent to which the functional processes satisfy the needs and wants of the consumer. Operations management is a derivative of the mathematical models in which specified measurement systems are applied to operational scenarios. These methods are used to achieve a higher level of efficiency in operational tasks, such as plant layout, plant location, inventory control, and product distribution. Major areas of study within operations management include a product or process design, capacity planning, facilities location, facilities layout, materials requirement planning, and handling, scheduling, purchasing and inventory control, quality control, maintenance management, computer integrated manufacturing, just-in-time inventory systems, and flexible manufacturing systems. Types of operations management techniques include queuing theory, breakeven analysis, and simulation. These techniques are routinely applied to areas outside of operations. What is Total Quality Management?Total Quality Management (TQM) is a management theory developed following WWII during the reconstruction of Japan. Perhaps the best-known proponent of this school of management was W. Edwards Deming. Total quality management (TQM) is a management approach that focuses on the following elements of operations:
There are four phases of total quality management:
What is Lean Management?Lean management is an approach to management focusing on maximizing customer value while reducing processes waste without compromising quality. This is done through incremental improvement. The principles of lean management include:
Lean management seeks to achieve an ideal state of operations known as single-piece flow. In product production, this means eliminating the wastes associated with batch production. Instead, it focuses on single-production production. In any process, this principle seeks to eliminate wastes from unnecessary human motion, inventory inefficiency, labor inefficiencies, space inefficiencies, product defects, and overproduction. The benefits of lean management are that it reduces defects and manufacturing flexibility. The downside is that it can result in lower productivity and longer process cycles. Lean management was made popular by Toyota Corporation as part of its production process. What is Management Information Systems?Information systems allow for more efficient creation, management, and communication of information across the organization as well as in the outside environment. The information allows for more efficient management decision making by providing information in a more timely manner and in a more useful format. Notably, Decision Support Systems (DSS) integrate decision models and data to this end. What are the Positive and Negative Aspects of Quantitative Management Theory?Benefits include:
Negatives include:
Who are some of the primary contributors of various theories to the quantitative approach?
Which business function is responsible for planning coordinating and controlling the resources needed to produce a company's products and services?Operations management (OM) is the business function that plans, organizes, coordinates, and controls the resources needed to produce a company's goods and services. Operations management is a management function. It involves managing people, equipment, technology, information, and many other resources.
What are the branches of quantitative management?The primary branches of quantitative management include:. Management Science.. Operations Management.. Management Information Systems.. Total Quality Management.. What are the two branches of quantitative management?Two branches of quantitative management are management science and operations management. Management approach that emphasizes the scientific study of work methods to improve the productivity of individual workers.
What is a concept that takes a total system approach to creating efficient operations?Lean systems take a total system approach to creating an efficient operation and pull together best practice concepts, including just-in-time (JIT), total quality management (TQM), continuous improvement, resource planning, and supply chain management (SCM).
|