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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 .

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what is management science

What is Management Science?

www.strath.ac.uk/mansci

what is management science1
What is Management Science?
  • Management Science is the discipline of applying simple/advanced analytical methods to help make better decisions.
  • Often these decisions relate to management, thus the term “Management Science”. Business Analysis is also often used as a label.
where might you find management science
Where might you find Management Science?

Will they give me a credit card?

Credit Risk Analysis

where might you find management science1
Where might you find Management Science?

What will I have to pay for my flight?

Hotel?

Ticket for the match?

Yield Management

where might you find management science2
Where might you find Management Science?

Will my mobile work here?

Location Analysis – where to position the masts?

where might you find management science3
Where might you find Management Science?

Have we done well in our business?

Performance Measurement

where might you find management science4
Where might you find Management Science?

How can we improve customer loyalty?

Strategic options development and analysis

not just traditional business
Not just traditional business…

United Nations World Food Programme

  • Need to distribute food
  • What issues might arise?

Management Science staff at TNT

saved UNWFP $1m per month!

why is management science is a cross disciplinary subject
Why is Management Science is a Cross Disciplinary subject?
  • Management Science can help decision making in:
    • Marketing
    • Human Resource Management
    • Finance
    • Accounting
    • Engineering
    • Medicine & Health Systems …

Where ever there is a need for decision and/or there is a need for improvement, Management Science has a role.

models and management science
Models and Management Science

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

management science models
Management Science Models

A simplified representation of

a system or situation

In Management Science

we are concerned with

qualitative or quantitative models

open day simulation model
Open Day Simulation Model
  • What should be included in the model?
  • What data do we need to collect?
  • Questions to think about:
  • How do we know if the system is performing well?
  • How could the system perform better?
  • What if part of the process was changed (or broke down)?
what does management science involve

Developing a model

What does Management Science involve?

Typically:

  • Recommendations and discussion
  • Collecting/ Accessing data
  • Analysing data (quantitatively or qualitatively)
what skills are required
What skills are required?

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

who uses management science
Who uses Management Science?

BUT … The use of Management Science is often invisible to the general public

do management scientists get jobs
Do management scientists get jobs?

YES!

  • Management Science graduates are highly sought after.
  • Managements Scientists may have job titles such as:
  • Consultant, Business Analyst, Modeller, Marketing Consultant, Operation Consultant …
  • Recent honours graduates:
slide18

Management Science:

Modelling business problems

to help managers

make better decisions