...possibly conflicting goals. Typically, linear goal programming attempts to minimize a weighted sum of deviations from goals. This program is used in real-world business in an attempt to eliminate or, at the least, mitigate this disquieting disconnect. Goal programming is the most widely applied tool of multiple-objective optimization/multicriteria decision making. However, today’s goal programming models, methods, and algorithms differ significantly from those employed even in the early 1990s. Goal programming, may be combined with various tools from the artificial intelligence sector (most notably genetic algorithms and neural networks) so as to provide an exceptionally robust and powerful means to model, solve, and analyze a host of real-world problems. In other words, today’s goal programming while maintaining its role as the “workhorse” of multiple-objective decision analysis—is a much different tool than that described in most textbooks. Goal programming’s label as the “workhorse” of multiple-objective optimization has been achieved by its successful solutions of important real-world problems over a period of more than 50 years. Some examples among these applications are: • The analysis of executive compensation for General Electric during the 1950s • The design and deployment of the antennas for the Saturn II launch vehicle as employed in the Apollo manned moon-landing program • The determination of a sitting scheme for the Patriot Air Defense System • Decisions within...
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...2.3 Drives for Employee Motivation 3 2.4.1 Management Commitment 4 2.4.2 Training and Development 4 2.4.3 Respect and Recognition 4 2.4.4 Role of pay 5 2.4.5 Proposed Replica to Motivate Workers in McDonald 6 Introduction 7 3.1 Qualitative & Quantitative Research Methods 7 3.2 Final selection for the project 7 2.3 Primary data or secondary data 8 2.4 Research Tools 8 2.5 Population Sample 8 2.6 Sampling technique 8 2.7 Advantages of qualitative research methods 9 2.8 interviews 9 2.8.1 Advantages and disadvantages of face to face interviews. 9 Literature Review 2.1 Motivation By Anne (2010) motivation basically came from a Latin-word-mover whose basic meanings indicate movement, in simple way using efficient approach/way for reaching final targets. According to Edwards (2007) nowadays in organizations motivation is treated like catalyst for getting competitive edge over rivals. By Jaffery (2009) a strong relationship exists between motivation and job performance. In view of Halverson (2005) motivation acts like oxygen for organizations and it is of huge importance especially in such business (services) where workers have direct link with consumers as in food business. It is a million dollar advice for managers in fats food companies that they must focus on identifying indicators which definitely stimulate workers for performing their jobs in an efficient manner. Fast food business has become very competitive nowadays almost all over the world. 2.2 Maslow’s Hierarchy...
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...the Quantitative Reasoning for Business (QRB) Overview document, I can be broadly categorized as techniques of management science—a field melding portions of economics, financial, accounting and operation and research into a pragmatic effort to help an aid into the decisions making process. As an area of study, these QRB are often identified by giving the fundamentals needed (stepping stones) to apply to each class thereafter. In solving a problem, I might consider both qualitative and quantitative factors. For example, in term of economics, a variety of quantitative techniques have been developed to forecast future values. Future sales are the most important variable in business forecasts. Unit sales establish levels for most business activities— from purchasing and production to marketing—and knowledge about sales is a prerequisite to the budgetary and planning process. In term of financial, I might consider different investment alternatives, including certificates of deposit at a bank, investments in the stock market, and an investment in real estate. I can use quantitative analysis to determine how much my investment will be worth in the future when deposited at a bank at given interest rate for a certain number of years. In term of accounting, quantitative analysis can also be used in computing financial ratios from the balance sheets for several companies whose stock I am considering. Some real estate companies have developed computer programs that use quantitative analysis...
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...presentation highlights the theoretical aspects of research methods, as well as opportunities and challenges associated with the use of research method. Importance of research methods Research methods are foundational constructs that frame the way relevant information is obtained for the benefit of the organization. They help the top management to get effective data that is beneficial when making informed decisions. Researchers are supposed to explore various audiences in order to come up with different results that are helpful in making decisions, appropriately. The use of research methods is important to organizations as it helps to uncover or discover unrecognized principles that are favorable its market environment. Analysis of research study process The research study is conducted to discover new solutions or improve the existing ones as a way of solving organizational or individual problems. The first step when conducting the research study is identifying the research problem that should be explored by the entire study. The next step is literature review where the examiner explores...
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...presentation highlights the theoretical aspects of research methods, as well as opportunities and challenges associated with the use of research method. Importance of research methods Research methods are foundational constructs that frame the way relevant information is obtained for the benefit of the organization. They help the top management to get effective data that is beneficial when making informed decisions. Researchers are supposed to explore various audiences in order to come up with different results that are helpful in making decisions, appropriately. The use of research methods is important to organizations as it helps to uncover or discover unrecognized principles that are favorable its market environment. Analysis of research study process The research study is conducted to discover new solutions or improve the existing ones as a way of solving organizational or individual problems. The first step when conducting the research study is identifying the research problem that should be explored by the entire study. The next step is literature review where the examiner...
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...Contemporary Theories of Management Contingency Theory Basically, contingency theory asserts that when managers make a decision, they must take into account all aspects of the current situation and act on those aspects that are key to the situation at hand. Basically, it’s the approach that “it depends.” For example, the continuing effort to identify the best leadership or management style might now conclude that the best style depends on the situation. If one is leading troops in the Persian Gulf, an autocratic style is probably best (of course, many might argue here, too). If one is leading a hospital or university, a more participative and facilitative leadership style is probably best. Systems Theory Systems theory has had a significant effect on management science and understanding organizations. First, let’s look at “what is a system?” A system is a collection of part unified to accomplish an overall goal. If one part of the system is removed, the nature of the system is changed as well. For example, a pile of sand is not a system. If one removes a sand particle, you’ve still got a pile of sand. However, a functioning car is a system. Remove the carburetor and you’ve no longer got a working car. A system can be looked at as having inputs, processes, outputs and outcomes. Systems share feedback among each of these four aspects of the systems. Let’s look at an organization. Inputs would include resources such as raw materials, money, technologies and people. These inputs...
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...It’s virtually impossible to differentiate yourself from competitors based on products alone. Your rivals sell offerings similar to yours. And thanks to cheap offshore labor, you’re hard-pressed to beat overseas competitors on product cost. How to pull ahead of the pack? Become an analytics competitor: Use sophisticated data-collection technology and analysis to wring every last drop of value from all your business processes. With analytics, you discern not only what your customers want but also how much they’re willing to pay and what keeps them loyal. You look beyond compensation costs to calculate your workforce’s exact contribution to your bottom line. And you don’t just track existing inventories; you also predict and prevent future inventory problems. Analytics competitors seize the lead in their fields. Capital One’s analytics initiative, for example, has spurred at least 20% growth in earnings per share every year since the company went public. Make analytics part of your overarching competitive strategy, and push it down to decision makers at every level. You’ll arm your employees with the best evidence and quantitative tools for making the best decisions—big and small, every day. The Idea in Practice To become an analytics competitor: Champion Analytics from the Top Acknowledge...
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...The Seven Management and Planning Tools To illustrate the Seven Management and Planning Tools, we present hypothetical hightechnology consumer electronics company, MicroTech. MicroTech’s mission is to design and manufacture miniature electronics products utilizing radio frequency technologies, digital signal processing technologies, and state-of-theart surface mount manufacturing techniques. Affinity Diagrams The affinity diagram is a tool for organizing a large number of ideas, opinions, and facts relating to a broad problem or subject area. In developing a vision statement, for example, senior management might conduct a brainstorming session to develop a list of ideas to incorporate into the vision. This list might include low product maintenance satisfied employees courteous order entry low price quick delivery growth in shareholder value teamwork responsive technical support personal employee growth low production costs innovative product features high return on investment constant technology innovation high quality motivated employees unique products small, lightweight designs Once a large number of ideas have been generated, they can be grouped according to their “affinity” or relationship to each other. An affinity diagram for the preceding list is shown in Figure 1. Figure 1 Affinity Diagram for MicroTech Interrelationship Digraph An interrelationship digraph identifies and explores causal relationships among related concepts or ideas. It shows that every idea...
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...Journal of Business & Economics Research – July 2005 Volume 3, Number 7 Operations Research And Operations Management: From Selective Optimization To System Optimization Jack A. Fuller, (E-mail: jfuller@wvu.edu), West Virginia University C. Lee Martinec, West Virginia University ABSTRACT The focus of this research paper is to discuss the development of Operations Management (OM) and Operations Research (OR) with respect to their use within the organization’s decision-making structure. In addition, the difference in the tools and techniques of the two fields is addressed. The question is raised as to how distinct the two academic fields have become in light of the application of their models to the service industry. Suggestions are made regarding the possibility of incorporating OM/OR models and their output into the decision making structure of the organization towards the goal of “system optimization”. ORIGINS OF OPERATIONS MANAGEMENT AND OPERATIONS RESEARCH A comparison of the origins of operations management and operations research reveals that both are an innovation of the 20th century. The origin of operations research was in England, circa 1937, and has its roots in scientific management, with its first significant applications to military operations in both World War I and World War II. Operations management had its origins in the early factory system, and was more associated with physical production in a factory environment and it too was strongly influenced...
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...graduate students in the Ken Blanchard College of Business. Emphasis is placed on utilizing the tools for graduate success. 2 MGT-605 Leadership and Organizations The purpose of this course is to introduce students to the Ken Blanchard College of Business, key concepts of leadership, and an overview of how the science of organizational behavior contributes to effective leaders and managers. 4 ACC-502 Accounting Practices This course is designed for individuals who are preparing for more advanced coursework in accounting and for students who have not had accounting in undergraduate work. Topics covered include the principles and practices of financial accounting and the fundamentals of managerial accounting, such as cost behavior and budgeting. The course covers accounting theories using computational examples, and homework is problem solving. 4 FIN-504 Finance Principles This course is designed for individuals who are preparing for more advanced coursework in accounting and is designed for students who have not had finance in undergraduate work. Topics covered include financial analysis, financial planning, asset evaluation, capital structure, and working capital management. 4 SYM-506 Applied Business Probability and Statistics The purpose of this course is to prepare students in mathematical, probability, and statistical concepts for their upcoming studies in quantitative methods. The course is intended for those students who have not had any prior statistical education...
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...related production plant; there are some points to be mentioned. First of all MRL is relatively large company with a sales of about $28.5 million and for the last ten years they are in the business of producing consumer refrigeration. Secondly, the production plant which this production planning is related has an increased efficiency in the last years through process design and assembly technologies. In this report, process and results of this case study is presented. In this first part, problem which is going to be studied is presented. Following that, decision criteria and performance measures are given in order to evaluate results. Then, assumptions are made considering the business environment and an iterative process of combining quantitative and qualitative measures is conducted. Finally, conclusion about the report is submitted as the past part of the report. 2. Problem Statement In this case study, the problem to be solved can be stated as developing an aggregate plan for the following year with the given forecasts and plant capacities. In addition,...
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...Nestlé’s executive information system (EIS) department gathers data from the firm’s subsidiaries (reporting units) to provide top management with operational, financial, and strategic information. In 1996, the EIS department decided to improve its service by using business analytics tools based on management science (MS) techniques. It wanted to encourage analysts and controllers to make better use of the information supplied. We developed four OR modules: sensitivity analysis, forecasting, simulation, and optimization, and integrated them into a more global modeling scheme for evaluating the economic profitability of Nestlé’s projects and more generally evaluating the value of the Nestlé group and its multifocal businesses. Disseminating this approach within the Nestlé group through training and internal consulting has been a long and important process that has increased the number of managers accustomed to quantitative decision making and established new reporting protocols imposing the use of MS models. Key words: industries: agriculture, food; information systems: analysis and design. History: This paper was refereed. Many companies need to develop small businessanalytic tools that managers can handle directly without specialized consultants. The management science (MS) community increasingly accepts this statement (Erkut 1998). However, it has not always done so. Typically courses in MS, even...
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...------------------------------------------------- Latest version: February 7, 2016 (changes from prior version shown in red) ORF 570 Special Topics in Statistics and Operations Research Course topic: Quantitative Asset Management Transcript title: Special Topics in Statistics and Operations/Quantitative Asset Management Instructor: Frank J. Fabozzi, Ph.D., CFA, Visiting Professor, ORFE Office: 207 in ORFE Building (office shared with Professor Mulvey) Office hours: 4-6pm (this time slot will also be used for presentations on special topics) Classroom: Friend 006 Course description: This course covers asset management focusing on quantitative models applied to equities and bonds (with emphasis on mortgage-backed securities). The quantitative models discussed are asset allocation models and portfolio construction models that include optimization models (mean-variance framework and extensions such as robust portfolio optimization), multi-factor risk models, risk control models, and transaction cost forecasting models. Return attribution models for performance evaluation will be covered. Model risk and model/strategy backtesting will be highlighted. Guest speakers from quantitative asset management firms are scheduled. Determination of final grade: Final exam ………………………………. 40% Design project …………………………… 25% Term paper ………………………………. 25% Problem sets ……………………………… 10% Course material and reading assignments: No textbook is required for the book. Instead...
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...Kitchen Remodel Risk Management Plan Maitai Gordwin North Central University Abstract Project Management is the application of knowledge, skills, tools and techniques to project activities to meet project requirements (Project Management Institute, 2008; Gordwin, 2012). When applying this knowledge effective management of appropriate processes is required. Risk Management is considered most critical and includes the processes of conducting risk management planning, identification, analysis, response planning, and monitoring and control on a project. The purpose of the risk management plan is to establish framework in which the project team will identify risks and develop mitigation strategies to avoid, eliminate or convert to opportunities for a kitchen remodel project. The risk management plan will include the following: risks processes and procedures; top priority risks; risks identification; quantitative and qualitative analysis; risks monitoring and controlling; risks closure and lessons learned. Kitchen Remodel Risk Management Plan PURPOSE OF RISK MANAGEMENT PLAN The overall goal of Project Risk Management is to ensure the increase of opportunities and the decrease of risk. Risks are uncertain events or conditions that, it they occur, have a positive or negative effect on a project objective (Project Management Institute, 2008). Plan risk management is the process of defining how to conduct risk management activities for a project. The purpose of the risk...
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...Ques 2:What are the prospects and challenges of quantitative techniques in management? What are quantitative techniques in management? Quantitative Approach provides us the mathematical & statistical, tools & techniques to optimize the managerial decision making in the areas of plaining and control. such as budgeting, scheduling, quality control etc. Normally following techniques are used Critical Path Method (CP). Linear Programming (LP). Greedy Strategy (GS). Queuing Theory. Economical Model. . . . . . etc. What are the business management controlling techniques? Organizational Control Techniques Control techniques provide managers with the type and amount of information they need to measure and monitor performance . The information from various controls must be tailored to a specific management level, department, unit, or operation . To ensure complete and consistent information, organizations often use standardized documents such as financial, status, and project reports. Each area within an organization, however, uses its own specific control techniques, described in the following sections. Financial controls After the organization has strategies in place to reach its goals, funds are set aside for the necessary resources and labor. As money is spent, statements are updated to reflect how much was spent, how it was spent, and what it obtained. Managers use these financial statements, such as an income statement or balance sheet, to monitor the...
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