Practical Management Science Discussion

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Instructions: There are 4 responses. Read each response. Write a 75-100 word response for each. Response 1.) TomekaAs we may have learned in this week’s lesson, Chapter 1 of Practical Management Science explains a seven-step modeling process such as:Step 1: Problem Definition, in which the analyst first defines the organization’s problem. Step 2: Data Collection, in which the analyst collects data to estimate the value of parameters that affect the organization’s problem. Step 3: Model Development, in which the analyst develops a problem model. Step 4: Model Verification, in which the analyst tries to determine whether the model developed in the previous step accurately represents reality. Step 5: Optimization and Dec)ision-Making, the analyst must choose the decision or strategy that best meets the organization’s objectives.Step 6: Model Communication to Management, in which the analyst presents the model and the recommendations from the previous steps to the organization. Step 7: Model Implementation, in which if the organization has accepted the validity and usefulness of the model, the analyst then helps to implement its recommendation. Out of the seven steps to the organization process, verification is typically the most challenging phase of the modeling process from a mathematical perspective. Although Step 2: Data Collection is a crucial step in the modeling process because all organizations keep track of various data on their operations that are not in the form the analyst requires. Sometimes data is stored in different areas throughout an entity and in other formats. The analysts must gather the correct data and put that information into an appropriate form for use in the model first. ReferenceWinston, W. L., & Albright, S. C. (2019). Practical management science (6th ed.). CengageResponse 2.) Mary The practical management science process applies steps in the process that will help to develop a model that is able to support. Organizations are seeking methods that will help to identify the need to improve the effectiveness of the model. Applying science to the decision-making process is a new approach for me and something that I have never experienced.Although there are tools available to support the model implementation for me it is anything that is mathematically driven including science. The area that may challenge me the most may possibly be the redesigning process as it revolves around applying mathematical skills in helping to redesign the model for improved effectiveness. The mathematical programming process maximizes meeting the pre-set limits and requirements to attain maximum effectiveness. Although in redesigning the process that analysis is completed however being able to identify what solutions will be needed and making a prediction to solve the problem would be challenging for me as well.ReferencesLuenendonk, M. (2019). Management Science – The Definitive Guide. Retrieved on 03/28/2022 from https://www.cleverism.com/management-science-guide…Bhasin, H. (2020). Management Science – Concept, Characteristics and Tools. Retrieved on 03/28/2022 from https://www.marketing91.com/management-science/Response 3.) MichaelThe management science seven-step model (Winston & Albright, 2019) can be used to develop a cost model for remodeling a kitchen.Step 1: The problem is a kitchen remodeling project must be analyzed using a cost model to present to the person that will provide the funding.Step 2: Collect the costs and value associated with the entire remodeling project. This includes material, labor, and permitting costs. The value data includes the projected increase in the value of the house associated with the remodeling project.Step 3: The model should include a summary of costs with a comparison to the increase in the value of the house.Step 4: Verification of the model will require some use of examples from prior remodeling projects and the corresponding valuation of the house.Step 5: Once the model is validated, it is necessary to optimize the model to make decisions about the problem. While the cost aspect of the project is relatively objective, the valuation component may involve a degree of subjectivity.Step 6: Next the project owner will communicate the model results and decision output to the person that will be providing the funding.Step 7: Finally, the model will support the implementation of the decision on funding the renovation project. This will include monitoring the results to compare the final determination to the model output.Winston, W. L., & Albright, S. C. (2019). Practical management science (6th ed.) Cengage Learning. ISBN-13: 978-1337406659 (hardcover)Response 4.) Deborah Seven-Step Model for Remodeling the KitchenStep 1 Problem Definition: Decide what I want to achieve with remodeling the kitchen. Look at the current layout, do I want to remodel the whole kitchen or just part of it. What problems do I have that currently need fixing if any. Step 2 Data Collection: Gather specific details of remodeling the kitchen, What materials I need for the project, how much time will be repairing or tearing down things such as walls or cabinets. Step 3 Model Development: Get a quote of how much the cost is going to be which involves the materials, labors, and contractors. Also places like Home Depot can show models with estimated cost with the exception of labor and contractors. Step 4 Model Verification: Get a total estimate of what is going to cost to remodel the kitchen and make decisions on what can be eliminated or reduced.Step 5 Optimization and Decision Making: Name any possible hiccups that may deter the cost of remodeling the kitchen. Step 6 Model Communication to Management: Get a complete and final estimate including any emergencies that may or may not arise of remodeling the kitchen.Step 7 Model Implementation: Give the cost of remodeling to funding providers such as banks, and credit unions with the breakdown of what all the supplies and labor will cost for remodeling. This information will help the lender of exactly what you’re asking for and give you some advice if needed. Reference:Winston, Wayne L., Albright, S. Christian. (2019) Practical Management Science

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