10 Lessons

2 Hours

- Certified Course
- Course never expires
- Complete on multiple devices
- Courses receive accredited certificate

# The Science of Management & Techniques

**The Science of Management & Techniques – Online Course**

**Course Description**

The subject of **management science** can seem abstract, and students sometimes have trouble perceiving the usefulness of quantitative courses in general. Part of the problem is that the examples used in books often do not seem realistic.

Unfortunately, examples must be made simple to facilitate the learning process. Larger, more complex examples reflecting actual applications would be too complex to help the student learn the **modeling technique**. The **modeling techniques** in this course are, in fact, used extensively in the business world, and their use is increasing rapidly because of information technology.

The real objective of **management science** is to solve the decision-making problems that confront managers by developing mathematical models of those problems

For this course, the main goal is to demonstrate solutions to various problems that managers face every single day. From **maximizing profitability**, minimizing transportation costs, to **optimizing employee scheduling** – this course will provide you with a hands-on approach to dealing with **management science** **models and techniques**.

There is no mathematical programming in this course or learning complex formulas, as we will use Microsoft Excel as an aid to solving various common business scenarios that you encounter at the workplace.

The whole idea is to make these mathematical topics seem less complex and present them in a practical way to your benefit. Each **modeling technique** is explained with straight forward examples followed by hands-on **tutorials**.

*This Course has been approved by the International eLearning Standards*

**Course Overview**

**Module 1 - Course Introduction**

Lesson 1: What Will I Learn? FREE!

Free Overview of the course

Lesson 2: Introduction to Management Science

Management science is the application of the scientific approach to solving management problems. It helps managers make better and effective decisions, and can be used in a variety of organizations to solve different problems. It encompasses a logical, consistent, and systematic approach to problem solving

**Module 2 - Breakeven Analysis**

Lesson 1: Management Science Breakeven Analysis

The purpose of break-even analysis is to determine the number of units of a product (i.e., the volume) to sell or produce that will equate total revenue with total cost. The point where total revenue equals total cost is called the break-even point, and at this point profit is zero.

The break-even point gives a manager a point of reference in determining how many units will be needed to ensure a profit.

Lesson 2: Breakeven Analysis Tutorial

Learn through a hands-on tutorial on conducting a Break Even analysis

**Module 3 - Linear Programming Technique**

Lesson 1: Linear Programming Modeling Technique

The term ‘programming’ does not imply computer programming; rather to a predetermined set of mathematical steps used to solve a problem. Most frequently used and popular technique in management science.

It helps managers determine solutions (i.e., make decisions) for problems that will achieve some objective in which there are restrictions, such as limited resources or a recipe or perhaps production guidelines.

Objectives of a business frequently are to maximize profit or minimize cost. Linear programming is a model that consists of linear relationships representing a firm’s decision(s), given an objective and resource constraints.

The linear programming technique derives its name from the fact that the functional relationships in the mathematical model are linear, and the solution technique consists of predetermined mathematical steps—that is, a program.

Lesson 2: Maximising Diet Options

Linear Programming tutorial: Maximization example

Lesson 3: Minimizing Transportation Costs

Linear Programming tutorial: Minimizing transportations costs example

**Module 4 - Introduction to Project Management**

Lesson 1: Introduction to Project Management

Management is generally perceived to be concerned with the planning, organization, and control of an ongoing process or activity such as the production of a product or delivery of a service. Project management is different in that it reflects a commitment of resources and people to a typically important activity for a relatively short time frame, after which the management effort is dissolved.

**Module 5 - Decision Making using Management Science**

Lesson 1: Decision Making using Management Science

The two categories of decision situations are:

Probabilities that can be assigned to future occurrences

Probabilities that cannot be assigned

A decision-making situation includes several components

The decisions themselves and the actual events that may occur in the future, known as states of nature.

Suppose a distribution company is considering purchasing a computer to increase the number of orders it can process and thus increase its business. If economic conditions remain good, the company will realize a large increase in profit; however, if the economy takes a downturn, the company will lose money. In this decision situation, the possible decisions are to purchase the computer and to not purchase the computer. The states of nature are good economic conditions and bad economic conditions.

**Module 6 - Conclusion**

**What are the requirements?
**– You should have an introductory knowledge of Microsoft Excel

**What am I going to get from this course?
**– Over 10 lectures and 2 hours of content

– Choose to apply the right Management Science Model and Technique

– Apply linear programming to solve common business problems

– Conduct a Breakeven Analysis

– Learn to make effective decisions using Management Science techniques

– Use linear programming: Maximizing diet options example

– Use linear programming to minimize transportations costs

**What is the target audience?
**– This specialized course on Management Science Models and Techniques is designed for managers and students who wish to apply various Management Science Techniques to solve everyday common business problems without using complex formulas or programming. Introductory knowledge of Microsoft Excel is helpful.

– Anyone interested in enhancing existing skill set or acquiring new skill to solve common business related problems can take this course