Waiting in lines is a part of our everyday life. Waiting in lines may be due to overcrowded, overfilling or due to congestion. Any time there is more customer demand for a service than can be provided, a waiting line forms. We wait in lines at the movie theater, at the bank for a teller, at a grocery store. Wait time is depends on the number of people waiting before you, the number of servers serving line, and the amount of service time for each individual customer. Customers can be either humans or an object such as customer orders to be process, a machine waiting for repair.… Read the rest
Management Science Basics
Modeling Techniques in Management Science
Management science is the science for managing and involves decision making. It utilizes what is controllable, and tries to predict what is uncontrollable in order to archive a specific objective. Science is a continuous search; it is a continuing generation of theories, models, concepts, and categories. Management science uses analytical methods to solve problems in areas such as production and operations, inventory management, and scheduling. Typical management science approach is to build a model for the problem being studied, such a model is often a mathematical model. Practical problems are often unstructured and lack clarification in definition of problem which makes mathematical modeling a challenge.… Read the rest