Management Science

Management science (MS) is the broad interdisciplinary study of problem solving and decision making in human organizations, with strong links to management, economics, business, engineering, consulting, and other fields. It uses various scientific research-based principles, strategies, and analytical methods mathematical modeling, statistics, and numerical algorithms 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 helps businesses to achieve goals using various scientific methods.

The field was initially was outgrowth from applied mathematics, where early challenges were problems relating to optomization of systems which could be modeled linearly, i.e., that is determining the optima (maximum value of profit, assembly line performance, crop yield, bandwidth, etc., or minimum of loss, risk, or costs, etc.) of some objective function. Today, management science encompasses any organizational activity for which a problem is structured in mathematical form to generate managerially relevant insights.

Management scuence is concerned with a number of areas of study:

Developing and applying models and concepts that may prove useful in helping to illuminate management issues and solve managerial problems. The models used can often be represented mathematically, but sometimes computer-based visual or verbal representations are used as well or instead.
Designing and developing new and better models of organizational excellence.

Management science research can be done on three levels:

The fundamental level lies in three mathematical disciplines: probability, optomization, and dynamical systems theory.
The modeling level is about building levels, analyzing them mathematically, gathering and analyzing data, implementing models on computers, solving them, experimenying with them--all this is part of management science research on the modeling level. This level is mainly instrumental, and driven mainly by statistics and econometrics.
The application level, just as in any other engineering and economic disciplines, strives to make a practical impact and be a driver for change in the real world.

The management scientist's mandate is to use rational, systematic, science-based techniques to inform and improve decisions of all kinds. 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.

x------x

Picture from Pexels.

Comments

Joint Meetings of the Australian Parliament

A joint meeting of the Australian Parliament is a convening of members of the Senate and House of Representatives sitting together as a single legislative body. Australia has a bicameral federal Parliament, consisting of the Senate and House of Representatives. Subject to the Constitution of Australia, each House has its own rules, standing orders and procedures, its own presiding officer, and meets separately, at dates and times it alone decides. However, there are some occasions when the two Houses have come together as a single body. Unlike the Opening of Parliament which is officially made by the Governor-General at the Senate premises, the joint sessions are held at the House of Representatives chamber. The reasons of joint meetings have included: To resolve deadlocks between the Houses following the trigger of a double dissolution To fill casual vacancies in the representation of the territories in the Senate A special commemorative joint sitting to Celebrate the Centenary o...

Our Lady of Peace and Good Voyage

Our Lady of Peace and Good Voyage or the Virgin of Antipolo is a seventeenth century Roman Catholic wooden image of the Blessed Virgin Mary as venerated in the Philippines. This Black Madonna is enshrined in Antipolo Cathedral in the Sierra Madre mountains east of Metro Manila. The image was brought to the country by Governor-General Juan Niño de Tabora from Mexico via the galleon El Almirante in 1626. His safe voyage across the Pacific Ocean was attributed to the image, which was then given the title "Our Lady of Peace and Good Voyage." It was substantiated later by six other successful voyages of the Manila-Acapulco Galleons witb the image aboard as its patroness. Pope Pius XI issued a Pontifical decree to crown the image in 1925. The statue is one of the most celebrated Marian images in the Philippines, having mentioned by national martyr Jose Rizal in his writings. From May to July each year, the image attracts millions of pilgrims from all over the country and abroad. ...

How to Create a Richly Imagined World

For someone who likes fantasy and sci-fi fiction, most of the time, a lot of people ask me about how to create a richly imagined world. Fantasy and sci-fi elements rest heavily on how an author weave the setting and the world in which the heroes dwell in, and it helps to make the novel to be imagined vividly in the readers' minds. A convincing world should be relatable, something that we can associate ourselves with. For us to be associated with a world an author created in his mind, and wrote on the pages of a book, this world has to be close to the real thing. It has to be systematic, real and alive, and very convincing. A real world has certain elements, and an author must consider them in writing a vividly imagined world: Cartography - a fantasy or sci-fi world depend heavily on geography and maps, especially if the plot requires war and the belligerents occupy so much space in the plot. A convincing world has the world separated in territories, and every part of the...

Search This Blog