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? Will they give me a credit card? Credit Risk Analysis
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 Science? Will my mobile work here? Location Analysis – where to position the masts?
Where might you find Management Science? Have we done well in our business? Performance Measurement
Where might you find Management Science? How can we improve customer loyalty? Strategic options development and analysis
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 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 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)?
Developing a model What does Management Science involve? Typically: Recommendations and discussion Collecting/ Accessing data Analysing data (quantitatively or qualitatively)
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? BUT … The use of Management Science is often invisible to the general public
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:
Life as a Management Science student
Management Science: Modelling business problems to help managers make better decisions