How does Management Science help to achieve optimal solutions?
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1. How does Management Science help to achieve optimal solutions?
2. How does management science help a business achieve the ideal situation?
3. Briefly discuss the application of Management Science to inventory management.
Step by step
Solved in 2 steps
- 1. List two (2) operational problems or issues in the Banking & Financial Services sector. 2. Conduct a review of case studies, news articles, etc. on both of the operational problems or issues that you identified in (1) above 3. Based on your preliminary research findings, choose ONE of the operational problems/issues and explain in why you are concerned about or interested in looking at that operational problem/issue1. What are two operational problems or issues in the banking & financial Services sector? 2. Conduct a preliminary review of case studies, news articles, etc. on both of the operational problems or issues that you identified in (1) above. 3. Base on your preliminary research findings, choose one of the operational problems issues and: explain why we should be concern about or interested in looking at that operational problem/issueThere are so many avenues through which the concepts of strategic management could be applied in real life. These include; the development of a strategic plan, development of a business plan, development of business case reports, and development of stakeholder engagement plans among others. One key task that is required by the strategist to perform in developing any of the aforementioned documents is the “design of a business model” for the business in question.Required:a. With reference to the business model canvas (as discussed in class), illustrate how the nine (9) elements interact in ascertaining how a business can sustainably generate revenues.
- Using examples explain how a firm can use the Boston Consulting Group management consulting firm and the General Electrical matrix models to rationally organise their business portfoiliosWhat is/are the importance of cost information in making decisions in the business operations?Briefly state two (2) of the roles of strategic management for an operational firm.
- Provide a brief definition or explanation of each of the following terms within the context offinancial business management, together with a comprehensive example. 1-The risk-return principle. 2-The current ratio. 3-Net profit margin.(a) Business objectives are basic tools that underlie all planning and strategic activities. Required: Enumerate four main objectives of businesses. b) Briefly explain three financial decisions?Opportunities and threats are: a) dealt with primarily in a firm's operational planning process. () b) factors that are external to the firm but can still affect its performance. ( c) factors that are internal to the furm and those over which the fum has a great deal of control d) identified as part of the fum's tactical planning process