Management science involves the philosophy of approaching a problem in a subjective manner.
1) Management science involves the philosophy of approaching a problem in a subjective manner.
2) Management science techniques can be applied only to business and military organizations.
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3) Management scientists use the terms “data” and “information” interchangeably–that is, the two terms mean the same thing
4) A management science solution can be either a recommended decision or information that helps a manager make a decision
5) A variable is a value that is usually a coefficient of a parameter in an equation.
6) Parameters are known, constant values that are usually coefficients of variables in equations.
7) Data are pieces of information from the problem environment.
8) A model is a mathematical representation of a problem situation including variables, parameters, and equations.
9) A management science technique usually applies to a specific model type.
10) The first step of the management science process is to define the problem.
