"Management science (or managerial science) is a wide and interdisciplinary study of solving complex problems and making strategic decisions as it pertains to institutions, corporations, governments and other types of organizational entities."
It applies mathematical and statistical techniques to solve managerial problems. It involves the use of models to optimize organizational processes and decision-making.
Linear Programming: A mathematical optimization technique used to maximize or minimize a linear objective function, subject to a set of linear constraints.
Decision Analysis: A series of quantitative techniques used to evaluate and prioritize alternatives when faced with uncertain or complex situations.
Simulation: The process of creating a computer model of a real-world system and running experiments to analyze its behavior and performance.
Forecasting: The process of making predictions about future events based on past and present data, using statistical techniques and models.
Inventory Management: The process of managing and controlling the flow of materials and goods in and out of an organization, to optimize profitability and ensure customer satisfaction.
Project Management: The discipline of planning, organizing, and managing resources to achieve specific goals and objectives, within a specified time frame and budget.
Quality Control: The process of ensuring that products or services meet or exceed customer expectations, by monitoring and controlling the production process and identifying and correcting defects.
Supply Chain Management: The coordination and optimization of all activities involved in the production and distribution of goods and services, from raw materials to delivery to the end customer.
Operations Research: The application of mathematical and quantitative analysis techniques to solve complex problems and improve decision-making in the management of large systems and organizations.
Data Analytics: The process of analyzing and interpreting large datasets using statistical methods and machine learning algorithms, to extract meaningful insights and make informed business decisions.
"It is closely related to management, economics, business, engineering, management consulting, and other fields."
"It uses various scientific research-based principles, strategies, and analytical methods including mathematical modeling, statistics and numerical algorithms."
"It aims to improve an organization's ability to enact rational and accurate management decisions by arriving at optimal or near optimal solutions to complex decision problems."
"Management science looks to help businesses achieve goals using a number of scientific methods."
"The field was initially an outgrowth of applied mathematics."
"Early challenges were problems relating to the optimization of systems which could be modeled linearly, i.e., determining the optima of some objective function."
"Today, the discipline of management science may encompass a diverse range of managerial and organizational activity."
"A problem should be structured in mathematical or other quantitative form in order to derive managerially relevant insights and solutions."
"It pertains to institutions, corporations, governments, and other types of organizational entities."
"...mathematical modeling, statistics, and numerical algorithms... to derive managerially relevant insights and solutions."
"[Management science] is a wide and interdisciplinary study of solving complex problems and making strategic decisions."
"It aims to improve an organization's ability to enact rational and accurate management decisions."
"Improve an organization's ability to enact rational and accurate management decisions by arriving at optimal or near optimal solutions to complex decision problems."
"Determining the optima (maximum value of profit, assembly line performance, crop yield, bandwidth, etc. or minimum of loss, risk, costs, etc.) of some objective function."
"It looks to help businesses achieve goals using scientific methods."
"It is closely related to management, economics, business, engineering, management consulting, and other fields."
"...arriving at optimal or near optimal solutions to complex decision problems."
"Management science (or managerial science) is a wide and interdisciplinary study of solving complex problems and making strategic decisions."
"It aims to improve an organization's ability to enact rational and accurate management decisions."