What is Management Science (MS)?
A discipline(a branch of knowledge)that attempts to aid managerial decision making by applying a scientific approach to managerial problems that involve quantitative factors ,management science is also called operations research (OR).
A rational, structured approach to problem solving and often takes a quantitative view of decision making.
History of MS/OR
Origins in World War II, when the United States and Great Britain employed mathematicians and physicists to analyze military operations to make most Effective Utilization of limited military Resources through the use of Quantitative Techniques.
Who uses Management Science?
A lot of manufacturing companies use Management Science quantitative techniques in mostly all strategic and operational areas such as choosing a new plant location, controlling production, or implementing statistical quality control.
Also service organizations such as banks, hospitals and investment firms rely on Management Science to ensure their operations meet customer's need and achieve customer satisfaction with a high degree of efficiency.
And of course the military branches of the government depend on computer-based quantitative models for logistical planning and mobilization.
Why is Management Science Important?
It is important for a company's profitability, efficiency, and high quality decision making process.
Famous practitioners for Management science:
The Institute for Operations Research and the Management Sciences (INFORMS) is an international society for practitioners in the fields of operational research and management science
It was established in 1995 with the merger of the Operations Research ...