ESSAY 1
COMMENTS:
The aspects of Applied Management Science is clearly identified and explained in
the essay. The author mentions the “scientific approach” for both business decisions and
situations in everyday life. He strengthens the importance of techniques used under
Applied Management Science which will end with more accurate, reliable and consistent
results. Having the use of mathematical models and spreadsheet software under Applied
Management Science was also mentioned by the author. It is essential to have technical
tools in place to make analysis when the data is big. In addition, the author underlines the
importance of considering the weight of opportunity costs in a decision as the opportunity
cost directly affects the utility gained as a consequence of that specific decision. Besides,
the independence and confidence properties of Applied Management Science also
support the accuracy of the decisions. Author highlights the importance of systematic
approach on making good decisions and points out the lack of systematic decisions and
its consequences in the society. ‘To define the problem’ is very crucial in order to solve it
and this is also well explained in the essay. The solutions for all the problems and
situations are designed focusing on the needs and definitions of that problem. Therefore if
a problem is misinterpreted, the solution will also be inaccurate.
The author’s explanation of Applied Management Science in broad ways and its
defined scope clearly identifies the importance of science in decision making in all areas
and this is Applied Management Science.
ESSAY 2
COMMENTS:
The author underlines the scientific aspect of Applied Management Science. His
examples from the real life, relating to the emerging of the Management Science helps
the audience to associate the benefits and implementations of the science more
conveniently. In addition, “operational research” concept helps to grasp the situation and
understand the importance of research, problem recognition and applying operations. The
author also highlights that making good decisions bring control over entire life, which is
highly desirable from the humans and organizations that make critical decisions. ‘Being
competitive in the market’ was also mentioned by the author. As being students studying
MS in Marketing, it is important to understand that Applied Management Science
generates competitive advantage when used in business decisions as it creates efficiency
and speed in decisions and operations. Mentioning the “Decidophobia”, which is fear of
making wrong decision, explains why the societies avoid and fail in making critical
decisions. Considering that the systematic approach is fundamental in management
science, listing the decision making process in five steps and stating the considerable
facts in six steps complies with this systematic aspect.
Considering that modeling is essential for problem solving and making decisions,
the authors explanation of modeling is important. It involves the applied and
implementation aspects of decision making. Modeling is crucial for large and
complicated problems which businesses can face in every moment.