Management ScienceA discipline (a branch of knowledge) that attempts to aid managerial decision making by applying a scientific approach to managerial problems involving quantitative factors, management science is also called operations research (OR). rational and structured approach to problem solving and often takes a quantitative view of decision making. The history of MS/ORO originates in World War II, when the United States and Great Britain employed mathematicians and physicists to analyze military operations to achieve maximum effective utilization of limited military resources through the use of quantitative techniques. Who uses management science? Many manufacturing companies use quantitative management science techniques in almost all strategic and operational areas, such as choosing a new location for the plant, controlling production, or implementing statistical quality control. Service organizations such as banks, hospitals and investment companies also rely on management science to ensure that their operations meet customer needs and achieve customer satisfaction with a high degree of efficiency. And of course the military branches of government depend on quantitative computer models for logistics and mobilization planning. Why is management science important? It is important for a company's profitability, efficiency and high-quality decision making. Famous Management Science Professionals: The Institute for Operations Research and Management Sciences (INFORMS) is an international society for professionals in the fields of operations research and management science. It was founded in 1995 with the merger of the Operations Research Society of America (ORSA) and the Institute of Management Sciences (TIMS). Management science applications - finance and investments: how much capital do we need, which portfolio should we select? - Labor planning and allocation: how many employees do we need, who will do what? -Location, Allocation, Distribution and Transportation: What is the best location to operate, how big should the facilities be? - Reliability and Replacement Policy: How reliable is the equipment, when should it be replaced? -Loading, Sequencing and Scheduling: Which job is most important, in what order should we do it? -Inventory control and stock out: How long should we hold inventory, when do we order more? - Project planning and control: how long will a project take, how should resources be used? - Queues and congestion: how many servers are needed, what level of service are we offering? The Research Process and Two Key QuestionsSome research questions arise in the real world from management challenges and problems. Others arise within management science from a desire to build a stronger body of knowledge. Both sources lead to a wide variety of questions of general interest.