Application of Various Scientific Methods and Management Challenges

Management Science 524
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Management Science 524
One of the key things I have learned from the course is how to apply various scientific methods and findings to address management challenges and optimize administration processes. Most of these scientific methods involve using analytical data, statistics, and mathematical techniques to increase the efficiency of management systems. Another critical thing I have learned from the course is to visualize management as a consistent action and quantify the different processes in terms of symbols, dimensions, and associations. I plan to apply quantitative analysis modeling in my future career path to collect and assess quantifiable and certifiable information like wages, revenues, and market share, thereby enhancing my understanding of my employing company’s overall financial efficiency. I could also use the management science and analysis topic to evaluate financial instruments, assess overall business performance.
I could also use probability and decision analysis to manage my employing company’s risks by predicting future events like business and accidental losses: probability and decision analysis entails going through historical loss data and calculating a probability distribution capable of forecasting a range of losses the company can expect in the future and so guide the company in making appropriate decisions. Furthermore, I might apply analysis of regression and forecasting models to examine and understand the link between two or more significant variables for my employing company. The models are particularly useful in evaluating cause and effect between two fact...