According to Chen (2003) management intuition is concerned with developing and applying models and concepts that may prove useful in helping to illuminate management issues and solve managerial problems. The models utilize can a great deal be represented mathematically, but sometimes computer-based, visual or verbal representations ar used as well or instead. (Chen)
The range of problems and issues to which management science has contributed insights and solutions is vast. It includes plan airlines, both planes and crew, deciding the appropriate place to site in the buff facilities such as a warehouse or factory, managing the full point of water from reservoirs, identifying possible future development paths for parts of the telecommunications industry, establishing the breeding packs and appropriate systems to supply them within the health service, and identifying and sympathy the strategies adopted by companies for their information systems. (Chen)
The Functions of Management Science
According to Fildes, 1 of the functions of management science is to provide the ability for businesses to develop announce and market model. These are important activities in all organizations.
A few organizations can survive for long if they fail to generate accurate forecasts, or understand the key market drivers of their business. Forecasts are made at the operational level in organizations to attendant the day-to-day activities such as scheduling staff, production and logistics. With a longer time frame, marketing requires the development of plans and forecasts that depend on such drivers as price, promotions etc. Within the marketing area, impertinently product forecasting is particularly prone to error with often disastrous financial consequences. At the level of the individual consumer, organizations need to understand how consumers value their products and services and how they respond to marketing initiatives. explore in all these area is valuable to...If you want to consume a full essay, order it on our website: Orderessay
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