|
Results for management science
|
On this page:
|
Study of management; school of management emphasizing the use of mathematics and statistics as an aid in resolving production and operations problems. A major objective is to provide management with a quantitative basis for decisions.
Management science, or MS, is the discipline of using a mathematical model, and other analytical methods, to help make better business management decisions. The field is also known as Operations research (OR) in the United States or Operational Research in the United Kingdom, and these 3 terms are commonly interchanged and used to describe the same field.
Some of the fields that are englobed within Management Science include: decision analysis, optimization, simulation, forecasting, game theory, network/transportation forecasting models, mathematical modeling, data mining, probability and statistics, resources allocation, project management as well as many others.
The management scientist's mandate is to use rational, systematic, science-based techniques to inform and improve decisions of all kinds. Of course, the techniques of management science are not restricted to business applications but may be applied to military, medical, public administration, charitable groups, political groups or community groups.
MS is also concerned with so-called ”soft-operational analysis”, which concerns methods for strategic planning, strategic decision support, and Problem Structuring Methods (PSM). At this level of abstraction, mathematical modelling and simulation will not suffice. Therefore, during the past 30 years, a number of non-quantified modelling methods have been developed. These include morphological analysis and various forms of Influence Diagrams.
This entry is from Wikipedia, the leading user-contributed encyclopedia. It may not have been reviewed by professional editors (see full disclaimer)
Join the WikiAnswers Q&A community. Post a question or answer questions about "management science" at WikiAnswers.
Copyrights:
 |
 | Business Dictionary. Dictionary of Business Terms. Copyright © 2000 by Barron's Educational Series, Inc. All rights reserved. Read more |
 |
| Wikipedia. This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Management science". Read more |
Search for answers directly from your browser with the FREE Answers.com Toolbar!
Click here to download now. 
Get Answers your way! Check out all our free tools and products.
Mentioned In:
