Management Science & Operations Research is a practice or the science that helps in the application of the advanced analytical methods in order to make better decisions. Certain techniques or the methods explaining this discipline are as follows – mathematical optimization, statistical analysis and modeling of mathematics etc. Operations research is also related to estimating the maximum or minimum for any real world associated situations or problems.
It can be called as a problem solving technique and many processes are part of the operational research such as Financial Engineering, Management of Revenues, Simulations, Engineering in the field of marketing etc.
Management science and operational research has become a part and parcel of any business or the branch of study or discipline for example in case in any company, if it has been decided that some action has to be taken in some change transformation then the use of operational research and management science becomes very much important as assessment and analysis needs to be done for all the actions and decisions taken in order for the change to be successful. In case this discipline is not used, it would definitely lead to failures as proper checking is not done. Management Science is a field that opens our mind to that extent which can take us to plan for the decisions in order to use the strategic approaches for the management and for the betterment of the organization.
The various problems been resolved by the use of this technique or discipline are as follows –
- Project or Program related problems – the use of statistics and the operations research helps in the project or the program optimization.
- Staffing related issues – Any manpower related issue would be addressed by using this technique as it would result in the much better calculations and the options of choosing the number of manpower.
- Pricing decisions – There are certain situations when the prices for the project related material and documents has to be found out and then the best option needs to be evaluated from among the various options available. This technique helps in the finalization for any kind of decision being made.
The Major Advantages Of Management Science
- Best option & decision making.
- Clear solutions etc.
Management Science is said to be the operational research business usage. It is also said to be the discipline or the field of applied mathematics. It also uses various scientific research based principles such as algorithms, statistics etc. There are certain areas that are included in the management science like – Forecasting, Industrial Engineering, Probability, Statistics, and Logistics etc.
Applications of Management Science
- The various strategies being used for the decision of the information systems.
- Analysis of the robustness of the programs or the projects.
- Identification of possible future options that could be adopted in order to resolve the problems, issues and the situations.
- Approach to be followed for the strategic analysis.
- It helps in making the decision of the best selection of the technique to be used for the analysis of any problem.