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Management science and operations research exclusively came into existence as a new field of study or a subject during the time of World War II. The battle included some complicated issues to be managed to make a flawless decision with restricted resources. Although, a better solution for those convoluted problems cannot be offered by a person with an academic background from a specific discipline.
It is also quoted as Management Science or Decision Science and is mostly acknowledged as an alternative field of mathematics. It is exclusively stated to be the field of the discipline of applied mathematics. It eventually uses different scientific research-based ethics such as statistics, algorithms, etc. There are specific areas that are involved in management science like –Industrial Engineering, Forecasting, Statistics, Probability, Logistics etc. Analytics and management science is the prime concept in Operational Research.
Decision science is a modelling technique that is util to solve management problems. Since the outline of each decision-making issue will vary from one discipline to another, different models were developed from which a decision-maker can acknowledge a model suitable for that specific scenario. Here, at Livewebtutors, our management science online tutors know steps in decision making like DECIDE and GOPHER.
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The prime advantage of these OR models is to save an adequate amount of effort and time by developing an appropriate model and solving the same utilizing a consistent and logical approach. In specific, the decision-maker should acknowledge various elements of the issue before choosing a mathematical model, which would assist them to solve the issue easily and to get the right solution for the same.
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