What is Management Science?. www.strath.ac.uk/mansci. What is Management Science?. Management Science is the discipline of applying simple/advanced analytical methods to help make better decisions .
Will they give me a credit card?
Credit Risk Analysis
What will I have to pay for my flight?
Ticket for the match?
Will my mobile work here?
Location Analysis – where to position the masts?
Have we done well in our business?
How can we improve customer loyalty?
Strategic options development and analysis
United Nations World Food Programme
Management Science staff at TNT
saved UNWFP $1m per month!
Where ever there is a need for decision and/or there is a need for improvement, Management Science has a role.
Management Science is concerned with the use of models for problem solving and decision making
It can be also be thought of as:
Management Consultancy with Models
A simplified representation of
a system or situation
In Management Science
we are concerned with
qualitative or quantitative models
Understanding of the organisational context
Helping with complex problems
Good communication skills
Creativity & lateral thinking
Quantitative common sense
Knowledge of techniques e.g. Simulation, Project planning, E-business
BUT … The use of Management Science is often invisible to the general public
Modelling business problems
to help managers
make better decisions