What is Management Science?

 
Management Science includes such disciplines as:

Linear/Non-Linear/Integer/Dynamic Programming	Stochastic Processes
Decision Sciences	Goal Progamming
Game Theory	Probability and Statistics
Transportation Science/Logistics	Queuing Theory
Simulation	Forecasting

Because the science is often "embedded" or "integrated" into the solution, it is invisible to the user. However Management Science is what provides the mathematical models behind Business Solutions like:

Demand Planning	Inventory, Yield, and Revenue Management
Total Quality Management	Staff/Production Scheduling
Just-in-Time Production	Routing Solutions
Financial Engineering and Portfolio Optimization	Industrial Engineering
Risk Management	Conflict Analysis
Policy Analysis	Materials Requirements Planning
Goal Programming	Theory of Constraints
Transportation Science/Logistics	Supply Chain Management
Data Mining	Simulation Modelling
Project Management	Warehouse Management
	...

These models are most certainly driving the analysis and optimization engines in all the "canned solutions" behind:

• SAP, i2, Manugistics, Microsoft Great Plains and other providers of enterprise Supply Chain and Optimization Suites.
• All the Demand Planners (DPs) and Demand Managers (DMs), the Advanced Planning Systems (APS), the Transportation Management Systems (TMS), the Decision Support Systems (DSS), the Enterprise Resource Planners (ERP),...

Here are some solutions Management Science can "pull out of a hat". With a quick and dirty analysis, Management Science can answer these questions precisely and clearly from an analytical perspective:

• Is it possible to get more cycles out of my manufacturing equipment?
• How can I release this bottleneck? What will happen if I do?
• How much of this product will I be selling next year? Give me an interval quantity, but I need 95% certainty.
• Can I get more value out of my data and enterprise systems than I am getting now?
• Can I reduce my logistics costs and maintain my service and inventory levels?
• What is the best, easiest schedule?
• Should I discount? When and by how much?
• Can I optimize this? Do I want to?
• How do I get people to cooperate on this issue?
• What should my strategy be?

Your business is unique. How can (even customizable) shelved solutions work well for you? Your unique business requires unique solutions. That’s why the new breed of intelligent organization is taking the next step: leveraging Management Science models and developing their own individualized solutions.

But why Management Science?