Information about Management Science
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.
..... Click the link for more information.
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.
See also
- INFORMS Institute for Operations Research and the Management Sciences
External links
- Management Science, a journal of the Institute for Operations Research and the Management Sciences
mathematical model is an abstract model that uses mathematical language to describe the behaviour of a system. Mathematical models are used particularly in the natural sciences and engineering disciplines (such as physics, biology, and electrical engineering) but also in the social
..... Click the link for more information.
..... Click the link for more information.
Management comprises directing and controlling a group of one or more people or entities for the purpose of coordinating and harmonizing that group towards accomplishing a goal.
..... Click the link for more information.
..... Click the link for more information.
Operations Research or Operational Research (OR) is an interdisciplinary branch of mathematics which uses methods like mathematical modeling, statistics, and algorithms to arrive at optimal or good decisions in complex problems which are concerned with optimizing the maxima
..... Click the link for more information.
..... Click the link for more information.
Decision Analysis (DA) is the discipline comprising the philosophy, theory, methodology, and professional practice necessary to address important decisions in a formal manner.
..... Click the link for more information.
..... Click the link for more information.
In mathematics, the term optimization, or mathematical programming, refers to the study of problems in which one seeks to minimize or maximize a real function by systematically choosing the values of real or integer variables from within an allowed set.
..... Click the link for more information.
..... Click the link for more information.
simulation is an imitation of some real thing, state of affairs, or process. The act of simulating something generally entails representing certain key characteristics or behaviours of a selected physical or abstract system.
..... Click the link for more information.
..... Click the link for more information.
Forecasting is the process of estimation in unknown situations. Prediction is a similar, but more general term, and usually refers to estimation of time series, cross-sectional or longitudinal data.
..... Click the link for more information.
..... Click the link for more information.
Game theory is a branch of applied mathematics that is often used in the context of economics. It studies strategic interactions between agents. In strategic games, agents choose strategies which will maximize their return, given the strategies the other agents choose.
..... Click the link for more information.
..... Click the link for more information.
social network is a social structure made of nodes (which are generally individuals or organizations) that are tied by one or more specific types of interdependency, such as values, visions, idea, financial exchange, friends, kinship, dislike, conflict, trade, web links, sexual
..... Click the link for more information.
..... Click the link for more information.
Transportation forecasting is the process of estimating the number of vehicles or travelers that will use a specific transportation facility in the future. A forecast estimates, for instance, the number of vehicles on a planned freeway or bridge, the ridership on a railway line,
..... Click the link for more information.
..... Click the link for more information.
mathematical model is an abstract model that uses mathematical language to describe the behaviour of a system. Mathematical models are used particularly in the natural sciences and engineering disciplines (such as physics, biology, and electrical engineering) but also in the social
..... Click the link for more information.
..... Click the link for more information.
Data mining can be defined as "the nontrivial extraction of implicit, previously unknown, and potentially useful information from data".[1] Data mining may also be defined as "the science of extracting useful information from large data sets or databases".
..... Click the link for more information.
..... Click the link for more information.
See the separate articles on probability or the article on statistics. Statistical analysis depends on the characteristics of particular probability distributions, and the two topics are normally studied together.
..... Click the link for more information.
..... Click the link for more information.
Project management is the discipline of organizing and managing resources (e.g. people) in such a way that the project is completed within defined scope, quality, time and cost constraints.
..... Click the link for more information.
..... Click the link for more information.
For other senses of this word see morphology.
Morphological analysis or General Morphological Analysis is a method developed by Fritz Zwicky (1967, 1969) for exploring all the possible solutions to a multi-dimensional, non-quantified problem..... Click the link for more information.
An influence diagram (ID) (also called a decision network) is a compact graphical and mathematical representation of a decision situation. It is a generalization of Bayesian network where not only probabilistic inference problems but also
..... Click the link for more information.
..... Click the link for more information.
The Institute for Operations Research and the Management Sciences (INFORMS) is an international society for practitioners in the fields of operations research and management science.
..... Click the link for more information.
..... Click the link for more information.
This article is copied from an article on Wikipedia.org - the free encyclopedia created and edited by online user community. The text was not checked or edited by anyone on our staff. Although the vast majority of the wikipedia encyclopedia articles provide accurate and timely information please do not assume the accuracy of any particular article. This article is distributed under the terms of GNU Free Documentation License.
Herod_Archelaus
