Management Science is: the discipline of applying advanced analytical methods to help make better decisions. It deals with the development of mathematically based models for planning, operating, and making choices. In our curriculum, these methods are also applied to the design and management of efficient systems for producing goods and delivering services to customers.
Using an airline as an example, a management scientist would be concerned with building computer models (as opposed to writing computer programs) to decide the best:
- flight schedule
- routing of planes,
- assignment of pilots and crews to specific flights,
- flight-gate assignments,
- number of planes to own and operate,
- cities to fly to,
- cities to use as major hubs,
- airport-terminal layout, and
- overbooking policy.
The optimal decisions for these and other issues can be uncovered through analysis using computer-based mathematical models. Hence, the management scientist uses the data collected and managed by the MIS department in building his or her models.
Management scientists work with both people and technology. The BSMS teaches team-working and problem-solving skills in a broad-based educational program for today’s job market and tomorrow’s leaders.
Because of its generality, Management Science has a broad set of applications in all engineering disciplines and in the fields of business management, computer science, economics, finance, marketing, medicine, transportation, production, and statistics, for example. The methods studied are used extensively in business and governmental organizations.
Management Science is sometimes called Operations Research or Industrial Engineering, but all refer to the same thing: The Science of Better. You can find more information on this dynamic field from its professional society, The Institute for Operations Research and the Management Sciences (INFORMS).
The online publication Analytics, provides case studies of Management Science in action. Click here to view a sample copy and apply for a free subscription.