Management Science Domain
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A Management Science Domain is an applied math domain that focuses on (optimal) decision planning.
References
2015
- (Wikipedia, 2015) ⇒ http://en.wikipedia.org/wiki/management_science Retrieved:2015-5-23.
- Management science (MS), is an interdisciplinary branch of applied mathematics devoted to optimal decision planning, with strong links with economics, business, engineering, and other sciences. It uses various scientific research-based principles, strategies, and analytical methods including mathematical modeling, statistics and numerical algorithms to improve an organization's ability to enact rational and meaningful management decisions by arriving at optimal or near optimal solutions to complex decision problems. The discipline is typically concerned with determining the maxima (of profit, assembly line performance, crop yield, bandwidth, etc.) or minima (of loss, risk, costs, etc.) of some objective function. In short, management sciences help businesses to achieve goals using various scientific methods.
The field was traditionally known as operations research (OR) in the United States and Canada, or operational research in the United Kingdom. These three terms are often used interchangeably to describe the same field.
- Management science (MS), is an interdisciplinary branch of applied mathematics devoted to optimal decision planning, with strong links with economics, business, engineering, and other sciences. It uses various scientific research-based principles, strategies, and analytical methods including mathematical modeling, statistics and numerical algorithms to improve an organization's ability to enact rational and meaningful management decisions by arriving at optimal or near optimal solutions to complex decision problems. The discipline is typically concerned with determining the maxima (of profit, assembly line performance, crop yield, bandwidth, etc.) or minima (of loss, risk, costs, etc.) of some objective function. In short, management sciences help businesses to achieve goals using various scientific methods.