Management Science in the Public Sector
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Management science is an interdisciplinary field that develops and applies a wide variety of analytical concepts and tools to help decision-makers address complex challenges in organizations. Management science uses data and modeling to help decision-makers structure a problem within prescribed parameters to reach an envisioned goal, usually optimization of a desirable outcome like cost-effectiveness or minimization of an undesirable outcome like risk or loss.
Management science draws on fields such as mathematics, statistics, decision theory, econometrics, operations research, game theory, industrial engineering, and systems theory, to name a few. This field has such extensive overlap with the field of operations research that the two are considered nearly synonymous. In fact, in the mid-1990s, the Operations Research Society of America merged with the Institute of...
KeywordsSupply Chain Supply Chain Management Private Firm Management Science Social Entrepreneurship
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