PROJECT: REAL-LIFE APPLICATION OF MANAGEMENT SCIENCE
Project Introduction:
In this project, you will conduct a research on the application of management science in problem solving. The outcomes of this research will help you understand how management science approach is used by different organizations to solve complex business problems.
There are two parts of this project. In the first part, you will research the management science approach to problem solving (or operations research.) In the second part, you will study about a specific tool that will be covered in the course and handled via one of the many case studies in the textbook. Further, you will be provided with a list of case studies to choose one case study to work on. In addition, you will research a real- world example where a corporation used this same type of tool in their operations. At the end, you will draw comparisons between the case study that you worked on and the real-life problem that the corporation faced.
Part 1
Title: History of Quantitative Analysis-Influencers
Select from one of the below topics for this project:
|
Topic
|
Influencer
|
|
1. Linear Programming
|
George B. Dantzig (p. 32)
|
|
2. Transportation
|
Frank L. Hitchcock (p. 236) or Tjalling C. Koopmans (p. 236)
|
|
3. Queuing
|
Agner Krarup Erlang (p. 600)
|
|
4. Probability and Statistics
|
Karl Pearson, Ronald Fisher or Francis Galton
|
Use the ITT Tech Virtual Library, the textbook, or other valid research resources or Web sites, such as Google Scholar, to research the person you identified above. Based on your research, write an essay that contains the following information:
1. Identify the significant contribution by the selected influencer.
2. What did the influencer bring to the table?
3. Where did the influencer work? What area or field?
Part 2
Title: Application of Quantitative Analysis Techniques
Choose any one of the following cases that is based on the topic you selected in Project Part 1 and answer the corresponding questions. For example if you chose Topic 1. Linear Programming in Project Part 1, then you need to select Case 1: Linear Programming.
• Case 1: Linear Programming-Case: Summer Sports Camp at State University (p. 179)
o Help Mary formulate a linear programming model for this problem and solve the formulated linear programming model.
• Case 2: Transportation-Case: Stateline Shipping and Transport Company (p. 282)
o Develop a model to assist Rachel and solve the model to determine the optimal routes.
• Case 3: Queuing-Case: Northwoods Backpackers (pp. 634-635)
o Determine what order service configuration the Packers should use to achieve their goals and explain your recommendations.
• Case 4: Probability and Statistics-Case: Valley Swim Club (pp. 535-536)
o Should the club issue new shares?
o If so, how many will it issue, and how much additional revenue will it realize?