COMPUTERISATION OF THE MANAGEMENT SCIENCE TECHNIQUE OF REPLACEMENT ANALYSIS.

Abstract

Management science (the application of a scientific approach to solving management problems in order to help managers make better decisions) encompasses a number of mathematically oriented techniques, like linear mathematical programming techniques, network techniques financial analysis (replacement analysis) techniques, inventory techniques, probabilistic techniques etc. These techniques can be applied to solve problems in a variety of different types of organisations including government, military, business and industry, and health-care though they are predominantly used in business. The success rate in situations where these techniques are used have been quite high. In teaching these techniques emphasis has always being on manual solutions to the techniques both in the classroom and in textbooks. Where there are computerised solutions they are limited to linear mathematical programming techniques and a few others. In this project, an attempt is made to provide a computerise solution to the management science technique of REPLACEMENT ANALYSIS with emphasis on replacement problems involving sudden failure items.