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Category: Business
What are the advantages of analyzing and experimenting with a model as opposed to a real object or situation?
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Category: Business
Suppose a manager must choose between the following two mathematical models of a given situation: (a) a relatively simple model that is a reasonable approximation of the real situation and (b) a thorough and complex model that is the most accurate mathematical representation of the real situation possible. Why might the model described in part (a) ...
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Category: Business
Discuss the different roles played by the qualitative and quantitative approaches to managerial decision making. Why is it important for a manager or decision maker to have a good understanding of both of these approaches to decision making?
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Category: Business
A firm recently built a new plant that will use more than 50 production lines and machines to produce over 500 different products. The production scheduling decisions are critical because sales will be lost if customer demand is not met on time. If no individual in the firm has had experience with this production operation, and if new production sc...
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Category: Business
Define the terms management science and operations research.