What is Management Science?

parakeetconspiracyManagement

Nov 20, 2013 (3 years and 7 months ago)

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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
.


Often these decisions
relate
to management, thus the
term “Management Science
”.
Business Analysis
is also
often used as a label.

Credit Risk
Analysis

Will
they give me a
credit card?

Where might you find
Management Science?

Yield
Management

What will I have to pay
for my flight
?

Hotel
?

Ticket
for the match?

Where might you find
Management Science?

Location Analysis


where to
position the
masts?

Will my mobile work
here?

Where might you find
Management Science?

Performance
Measurement

Have we done well in
our business?

Where might you find
Management Science?

How can we improve
customer loyalty?

Strategic options
development and analysis


Where might you find
Management Science?

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?

Management
Science
can help
decision making
in:


Marketing


H
uman
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

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


A
simplified

representation of

a system or
situation



In
Management
Science


we
are concerned
with

qualitative

or
quantitative

models


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?


Typically:




Developing a model

Collecting/
Accessing data

Analysing data
(quantitatively or
qualitatively)

Recommendations
and discussion

What skills are required?

Helping with
complex
problems

Good
communication
skills

Knowledge of techniques e.g.
Simulation, Project planning,
E
-
business

Understanding of the
organisational context

Creativity & lateral
thinking

Quantitative
common sense

Who uses Management Science?

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

Do management scientists get jobs?

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:

Life as a
Management
Science student





Interactive
lectures

Activity based
lectures

Team Work

Case studies

Lab sessions

Technology &
Software

Guest
Lectures

Contact with
Industry

Presentations

Management
Science:


Modelling
business
problems

to
help
managers


make
better
decisions