The Use of Management Science Techniques by Business Organizations with Special Emphasis on the Use in Different Functional Areas: Survey in Greek Companies

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COLLEGE OF BUSINESS

BJQP 2023 MANAGEMENT SCIENCE

GROUP D

INDIVIDUAL ASSIGNMENT:

ARTICLE REVIEW

The Use of Management Science Techniques by Business Organizations with Special Emphasis on the Use in Different Functional Areas: Survey in Greek Companies

LECTURER: MR MOHD HANIZAN B ZALAZILAH

STUDENT:

TAN YAN JUN                                        225933

SUBMISSION DATE: 9TH JUNE 2016        

Table of Contents

1.0 INTRODUCTION        

2.0 ISSUES        

3.0        MODEL OF MANAGEMENT SCIENCE        

3.1 Factor 1: Management        

3.2 Factor 2: Production        

3.3 Factor 3: Operations        

3.4 Factor 4: Use of Statistical Methods in Sales and Marketing        

3.5 Factor 5: Use of Advanced Methods in Marketing        

3.6 Factor 6: Use of Statistical Methods in Quality Control        

4.0 TECHNIQUE USED FOR ISSUES SOLVING        

5.0 COMMENTS        

6.0 CONCLUSION        

1.0 INTRODUCTION

The article I had chosen is presenting an ongoing survey project researching into the extent and nature of use of management science techniques by business organizations in Greece. They made a series of survey, showing that the application of management science techniques in Greek companies is relatively high if compared to other European countries. However, the usage of more advanced techniques is very low in Greek firms and the application of management science technique is concentrated on a few traditional techniques. The reason for the low degree of applicability of more advanced techniques seems to be the general lack of understanding for the importance of these techniques. So this is the reason why I chose it as my targeted article to discuss the related techniques will be used.

2.0 ISSUES

        The major contributions that can be made to business efficiency and improved management decision-making through the application of quantitative techniques, as well as the extent of their use, have been well researched. There is extensive evidence that the application of such techniques has resulted in significant improvements in economic efficiency (particularly at the micro-economic level) and has led to improvements in decision-making in both profit and non-profit organisations. In an effort to ascertain the extend of use of quantitative techniques by business organisations, the team intended to examine cross-country differences and to investigate the use (or lack of use) of such techniques by business organisations with a view to identify the need for provision of management training in this area. The initial focus was on business organisations in each of the countries initially involved, with prospects of gradually extending the research into all the major European countries and repeating the investigation in future years to establish time patterns.