Management Science Model Application
The goal of the exercise is to encourage and allow the dents experience in solving actual management problems using analytical methods through mathematical models to solve problems in areas such as production and operations, inventory management, scheduling and project management. Our group tried to explore inventory management problem in one of the group members’ company, the Universal Robins Corporation. The Basic Economic Order Quantity (EGO) model was being reviewed and studied for its that most practical problems are often unstructured and lack clarification definition of problem which makes mathematical modeling a challenge.
Therefore, modeling of a problem is important phase in problem solving technique. Once model is built, and tested, it can be used to solve problem. Various techniques are devised to model problem and solve it for possible solutions. Inward, Bandanna, Cruz, Oriole & Sec | 3 II. PROBLEM SITUATION: Arc’s Agro-Industrial and Commodity Food Groups are engaged in a wide range of industries including the production and distribution of animal feeds. Among the hog feeds, Nun+ Grower Pellets is one of the champions in achieving the maximum income potential of most hog growers.