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WorksheetsPrelim Management Science
Total questions: 40
Worksheet time: 20mins
A field that applies quantitative methods to decision-making in organizations.
Management Science
Management Technology
Decision Support
Quantitative Science
The process of making something as effective or functional as possible.
Optimization
Optimized
Functions
Fictionization
A variable that represents choices available to a decision-maker.
Decision Variables
Decision Support
Decision Variables maker
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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
Limitations or restrictions on the decision variables.
Constraints
Constrain
Constrained
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A solution that satisfies all constraints of the problem.
Feasible Solution
Feasibilities Solution
Feasible Approach
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A mathematical function that defines the goal of optimization.
Object Functions
Object Oriented
OOP Object Oriented program
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A method to predict the outcome of a decision given a certain change in input variables.
Sensitivity Analysis
Prediction Analysis
Decision Analysis
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The imitation of the operation of a real-world process or system over time.
Simulation
Simultaneous
Virtual Reality
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The mathematical study of waiting lines or queues.
Queuing Theory
Line Theory
Que Theory
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The supervision of non-capitalized assets (inventory) and stock items.
Inventory Management
Inventory Process
Inventory System
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A visual project management tool that displays tasks or activities against time.
Gantt Chart
Data Visualization
Chart / Graphs
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A visual representation of a project's tasks and their dependencies.
Network Diagram
Network System
Networking
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The discipline of planning, organizing, and managing resources to achieve specific goals.
Project Management
Project Science
Project Process
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A graphical representation of possible solutions to a decision based on different conditions.
Decision Tree
Decision Support System
Binary Tree
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The process of predicting future values based on historical data.
Forecasting
Prediction
Prescription
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A measure used to evaluate the efficiency of an investment.
Return on Investment (ROI)
Returned of Investment (ROI)
Return of Invest (ROI)
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A process of comparing the costs and benefits of a decision.
Cost-Benefit Analysis
Cost Benefit Analysis
Cost & Benefit Analysis
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Types of Inventory.
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)
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Common tools for Data Analysis.
o Excel
o R
o Python
o SPSS
o Excel
o R
o Python
o SPSS
o Minitab
o Excel
o R
o Python
o SPSS
o Power BI
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It involves inspecting, cleansing, and modeling data to discover useful information.
Data Analysis
Data Analyst
Data & Analysis
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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
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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
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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
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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
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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
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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
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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
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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
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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
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Types of Project Constraints.
o Scope
o Time
o Cost
o Scope & Limitation
o Date & Time
o Cost & Effect
o Scoop
o Time
o Costing
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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
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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
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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
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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
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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
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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
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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
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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
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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
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