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04 GE 302 DECISION MAKING Quantitative PDF

This document discusses quantitative models for decision-making, including inventory models, queuing theory, network models, forecasting, regression analysis, linear programming, simulation, statistical decision-making, and sampling theory. It provides brief descriptions of economic order quantity model, production order quantity model, back order inventory model, quantity discount model, queuing theory models, program evaluation review technique (PERT), critical path method (CPM), forecasting methods, regression analysis, linear programming, simulation techniques, statistical decision theory, and sampling theory.

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132 views12 pages

04 GE 302 DECISION MAKING Quantitative PDF

This document discusses quantitative models for decision-making, including inventory models, queuing theory, network models, forecasting, regression analysis, linear programming, simulation, statistical decision-making, and sampling theory. It provides brief descriptions of economic order quantity model, production order quantity model, back order inventory model, quantity discount model, queuing theory models, program evaluation review technique (PERT), critical path method (CPM), forecasting methods, regression analysis, linear programming, simulation techniques, statistical decision theory, and sampling theory.

Uploaded by

rafael
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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QUANTITATIVE MODELS FOR

DECISION-MAKING

1
INVENTORY MODELS QUEING THEORY NETWORK MODELS

FORECASTING REGRESSION ANALYSIS LINEAR PROGRAMMING

SIMULATION STATISTICAL DECISION- SAMPLING THEORY


MAKING

2
Qualitative Models for Decision-Making

INVENTORY
Inventory Models
MODELS

1. ECONOMIC ORDER QUANTITY MODEL

2. PRODUCTION ORDER QUANTITY MODEL

3. BACK ORDER INVENTORY MODEL

4. QUANTITY DISCOUNT MODEL

BACK TO MODELS
3
Qualitative Models for Decision-Making

QUEUING
Inventory Models
THEORY

Determine the number of services that will minimise both


customer waiting time and cost of service.

BACK TO MODELS
4
Qualitative Models for Decision-Making

NETWORK
Inventory Models
MODELS

• PROGRAM EVALUATION REVIEW TECHNIQUE (PERT)


Technique which enables the engineer managers to
schedule, monitor, and control large and complex
projects by employing three time estimates for each
activities.

BACK TO MODELS NEXT


5
Qualitative Models for Decision-Making

NETWORK
Inventory Models
MODELS

• THE CRITICAL PATH METHOD (CPM)


Technique which enables the engineer managers to
schedule, monitor, and control large and complex
projects by using only one time factor per activity.

BACK TO MODELS
6
Qualitative Models for Decision-Making

FORECASTING
Inventory Models

• Decisions in consideration with the future


• May be defined as “the collection of PAST and CURRENT
information

BACK TO MODELS
7
Qualitative Models for Decision-Making

REGRESSION
Inventory Models
ANALYSIS

Forecasting method that examines the association of two


or more variables.

May be simple to multiple depending on the independent


variables present

BACK TO MODELS
8
Qualitative Models for Decision-Making

LINEAR PROGRAMMING
Inventory Models

Used to produce an optimum solution within the bounds


imposed by constraints upon decision.

Useful for SUPPLY and DEMAND limitations

BACK TO MODELS
9
Qualitative Models for Decision-Making

SIMULATION
Inventory Models

• Model constructed to represent REALITY, on which


conclusions about real-life problems can be used

• Highlysophisticated tool due to the development of


mathematical model of the system

• Does not guarantee optimum solution but can evaluate


alternatives

BACK TO MODELS
10
Qualitative Models for Decision-Making

STATISTICAL DECISION-THEORY
Inventory Models

• Rational way to conceptualise, analyse, and solve


problems in situations involving limited, or partial
information about decision environment.

• Evaluation of alternatives - BAYESIAN ANALYSIS

BACK TO MODELS
11
Qualitative Models for Decision-Making

SAMPLING
Inventory Models
THEORY

• Samples of population are statistically determined to be


used for a number of process

BACK TO MODELS
12

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