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Introduction to Management Science: Modelling, Optimisation and Probability
Book
Businesses have to cut costs, increase revenue and be profitable. This book aims to introduce Management Science to analyse business challenges and find solutions analytically. Important topics in modelling, optimisation and probability are covered. These include linear and integer programming, network flows and transportation, essential statistics, queueing systems and inventory models. The overall objectives are to enable the reader to increase the efficiency and productivity of businesses; to observe and define challenges in a concise, precise and logical manner; to be familiar with several classical and state-of-the-art operational research techniques and tools; to devise solutions, algorithms and methods that offer competitive advantage to businesses and organisations; and to provide results to management for decision making and implementation. Numerous examples and problems with solutions are given to demonstrate how these concepts can be applied in a business context.
The book is available on BibliU.
YouTube
Several related videos are available on YouTube.- Break Even Point Analysis
- Linear Programming
- Transportation Modelling
- Minimum Spanning Tree
- Shortest Path
- Probabilistic Models - a) relative frequency
- Probabilistic Models - b )Quality control
- Probabilistic Models - c) Expectation and Variance
- Probabilistic Models - d) Descriptive Statistics
- Waiting line system
- Queueing System - a) Overview
- Queueing System - b) As-Is Situation Fundamentals
- Queueing System - c) Operational Characteristics (As-Is Scenario)
- Queueing System - d) Additional Employee Scenario
- Queueing System - e) New Till
- Inventory Model - Economic Order Quantity - Concept
- Inventory Model - Economic Order Quantity - Calculations
- inventory System - Order Schedule for EOQ