Management Decision Making Solutions

Society's wants can never be fully satisified with the scarce resources available to it. It is up to Management to determine the wants that their company can satisify considering the constraint of scarce resources. Management therefore, must make wise descisions in order to minimize costs and maximize profits. Advantage Business Solutions has the tools to aid in this decision making process.

Management Science - Statistics with Linear & Nonlinear Programming

Management Science is a discipline that attempts to aid managerial decision making by applying a scientific approach to managerial problems that involve quantitative factors.

Resource-Allocation Analysis - aids decision making based on the allocation of scarce resources to maximize profit.
Cost-Benefit-Trade-Off Analysis - aids decision making where the mix of levels of various activities is chosen to achieve mnimum acceptable levels for various benefits at a mninimum cost.
Capital Budgeting - helps decide between competing capital projects to maximize profit at any given budget.
Product-Mix Analysis - used to decide which products to make or sell, and in what quantities, in order to maximize profit.
Advertising-Mix Analysis - helps determine which mix of advertising should be chosen to maximize profit at any given budget.
Cost-Volume-Profit Analysis - used to project profit, or to find the break-even point, using various levels of inputs: sales and costs, returns and investements, etc.
Transportation Decisions - helps determine how much each plant or distribution center should ship to each customer in order to minimize total cost.
Assignment Decisions - aids assignment decision such as assignments of people to jobs or assigning machines, vehicles, or plants to tasks in order to minimize costs.
What-If Analysis - uses sensitivity analysis to determine what would happen to the optimal solution if different assumptions were made about future conditions.
Minimum-Cost Flow Analysis - minimizing the costs through a network, used in: cash-flow managment, operation of a distribution network, solid waste management, operation of a supply network, cordinating product mixes at plants.
Maximum Flow Analysis - maximizing the flow throughout a network such as maximizing the flow through a distribution network, through a company's supply network, of water through a system of aqueducts, of oil through a system of pipelines, of vehicles through a transportation network.
Shortest Path Analysis - finding the shortest route through a network such as choosing warehouse locations based on delivery routes, and ambulance and fire station placement based on time of service.
Minimum Spanning-Tree Problems - concerned with minimizing the cost of providing connections between all users of a system.
Project Selection - decide between various projects competing for scarce resources in order to maximize profit.
Site Selection - decide between various building sites in order to minimize costs.
Beating the Market - choosing an investment portfolio with the potential to beat the market average.
Traveling Salesmen - choosing the best routes to minimize miles traveled.
Staff Scheduling - meeting demand while minimizing staffing costs.
Forecasting - projecting future sales volumes, costs, or profits using linear regression and other tools.
Queueing Models - maximizing service to customers using limited resources.