o Raw materials o Work-in-progress (WIP) o Finished goods o Maintenance, repair, and operations (MRO)

o Row materials o Work-in-progress (WIP) o Finished goods o Maintenance, repair, and operations (MRO)

o Raw materials o Work-in-process (WIP) o Finished goods o Maintenance, repair, and operations (MRO)

Common tools for Data Analysis.

o Excel o R o Python o SPSS o Minitab

o Excel o R o Python o SPSS o Power BI

A method of quality control that uses statistical methods to monitor and control a process.

Statistical Process Control (SPC)

Statistics Process Control (SPC)

Statical Process & Control Analysis

Steps in the Decision-Making Process.

o Identify the problem o Gather information o Generate alternatives o Evaluate alternatives o Make a decision o Implement the decision o Review the decision

o Identify the problem o Gather information o Evaluate alternatives o Make a decision o Implement the decision o Generate alternatives o Review the decision

o Identify the problem o Gather information o Generate alternatives o Make a decision o Implement the decision o Evaluate alternatives o Review the decision

Types of Management Decisions.

o Strategic decisions o Tactical decisions o Operational decisions

o Strategic decisions o Practical decisions o Operational decisions

o Statical decisions o Tactical decisions o Operational decisions

Common techniques used in Management Science.

o Linear programming o Simulation o Forecasting o Queuing theory o Decision analysis

o Line programming o Simulation o Forecasting o Queuing theory o Decision analysis

o Linear programming o Simulation o Forecasting o Que theory o Decision analysis

Components of a Linear Programming Model.

o Decision variables o Objective function o Constraints

o Decision function o Objective variables o Constraints

o Decision variables o Objective function o Constrained

Elements of Project Management.

o Scope o Time o Cost o Quality o Risk

o Scope o Time o Cost /Effective o Quality / Quantity o Risk

o Scope / Limitation o Date / Time o Cost / Effect o Quality o Risk Reduction

Types of Forecasting Methods.

o Qualitative methods o Time series analysis o Causal models

o Quantitative methods o Time series analysis o Causal models

o Qualitative methods o Time series analysis o Regular models

Advantages of Simulation.

o Flexibility o Risk management o Better understanding of complex systems

o Flexibility o Risk Management Science o Better understanding of complex systems

o Flexibility o Risk management o Better understanding of complex Process

Name the phases of the Project Life Cycle.

o Initiation o Planning o Execution o Monitoring and Controlling o Closing

o Initiation o Planning o Monitoring and Controlling o Execution o Closing

o Planning o Execution o Initiation o Monitoring and Controlling o Closing

Types of Project Constraints.

o Scope & Limitation o Date & Time o Cost & Effect

Main objectives of Inventory Management.

o Minimize costs o Maximize service levels o Maintain quality

o Maximize costs o Minimize service levels o Maintain quality

o Minimize costs o Maximize service levels o Maintain quantity

Factors influencing Decision Making.

o Data quality o Time constraints o Stakeholder input

o Data quantity o Time constraints o Stakeholder input

o Data quality o Time constraints o Stakeholder output

Principles of Lean Management.

o Value o Value stream o Flow o Pull o Perfection

o Value added o Value stream o Flow o Pull o Perfection

o Value o Value stream o Value Flow o Pull o Perfection

Types of Statistical Control Charts.

o X-bar chart o R chart o P chart

o X-bar chart o T chart o P chart

o X-bar chart o R chart o D chart

The stages of the Problem-Solving Process.

o Define the problem o Analyze the problem o Generate solutions o Implement solutions o Monitor results

o Analyze the problem o Define the problem o Generate solutions o Implement solutions o Monitor results

o Define the problem o Implement solutions o Analyze the problem o Generate solutions o Monitor results

Factors in the SWOT Analysis.

o Strengths o Weaknesses o Opportunities o Threats

o Strengths o Threats o Weaknesses o Opportunities

o Strengths o Opportunities o Weaknesses o Threats

Common software tools used in Management Science.

o Microsoft Excel o LINDO o @RISK o MATLAB

o Microsoft Excel o SPSS o R o MATLAB

o Microsoft Excel o Minitab o SPSS o MATLAB

Key performance indicators (KPIs) in business.

o Revenue growth o Profit margin o Customer satisfaction

o Revenue growth o Profit Line o Customer satisfaction

o Revenue growth o Profit margin o Customer acquisition

Common sources of data in Management Science.

o Surveys o Transactions o Observations o Historical records

o Surveys o Transactions o Observations o Data records

o Surveys o Transactions Process o Observations o Data records

Prelim Management Science

Authored by Rex Diaz

Information Technology (IT)

University

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40 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A field that applies quantitative methods to decision-making in organizations.

Management Science

Management Technology

Decision Support

Quantitative Science

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The process of making something as effective or functional as possible.

Optimization

Optimized

Functions

Fictionization

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A variable that represents choices available to a decision-maker.

Decision Variables

Decision Support

Decision Variables maker

none of the Choices

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A mathematical method for determining a way to achieve the best outcome in a given mathematical model.

Linear Programming

Line Programming

Linear Decision

Linear Program

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Limitations or restrictions on the decision variables.

Constraints

Constrain

Constrained

none of the choices

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A solution that satisfies all constraints of the problem.

Feasible Solution

Feasibilities Solution

Feasible Approach

none of the choices

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A mathematical function that defines the goal of optimization.

Object Functions

Object Oriented

OOP Object Oriented program

none of the choices

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Prelim Management Science

A field that applies quantitative methods to decision-making in organizations.

The process of making something as effective or functional as possible.

A variable that represents choices available to a decision-maker.

A mathematical method for determining a way to achieve the best outcome in a given mathematical model.

Limitations or restrictions on the decision variables.

A solution that satisfies all constraints of the problem.

A mathematical function that defines the goal of optimization.

A method to predict the outcome of a decision given a certain change in input variables.

The imitation of the operation of a real-world process or system over time.

The mathematical study of waiting lines or queues.

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