Management Science - Turn Loose the Whiz Kids for Optimum Decision Support
Management Science, aka Operations Research, is the science of using mathematics to support highly tuned race car performance in your business decision making.
Decision Support Systems organize data to help you with your analysis.
A management scientist can work with probabilities, costs, miles, and a vast array of variables to support your decision making process.
In some cases, seat of the pants decision making can be quite effective. In other cases managers can do things like build an Edsel or stop making Classic Coke. If we're dealing with substantial sums of money, it is well worth our while to do an analysis.
Decision Under Uncertainty
Quite often we can't accurately quantify all the factors. However, we can do research and make a best guess. It is better than the seat of the pants method.
There are ways to help our chances.
Doing Our Best:
- Document our assumptions
- Test results when possible
- Make adjustments when appropriate
Kitzmiller Systems can help you with Management Science Analysis and Decision Support Systems.