OPERATIONS RESEARCH + MANAGEMENT SCIENCE

Applications

AIMMS Definition:
Operations Research is the professional discipline that deals with the application of information technology for informed decision-making. Operations research professionals aim to provide rational bases for decision making by seeking to understand and structure complex situations and to use this understanding to predict system behavior and improve system performance. Much of this work is done using analytical and numerical techniques to develop and manipulate mathematical and computer models of organizational systems composed of people, machines, and procedures.

Wikipedia Definition:
Operational research (OR) encompasses a wide range of problem-solving techniques and methods applied in the pursuit of improved decision-making and efficiency, such as simulation, mathematical optimization, queueing theory and other stochastic-process models, Markov decision processes, econometric methods, data envelopment analysis, neural networks, expert systems, decision analysis, and the analytic hierarchy process.Nearly all of these techniques involve the construction of mathematical models that attempt to describe the system. Because of the computational and statistical nature of most of these fields, OR also has strong ties to computer science and analytics. Operational researchers faced with a new problem must determine which of these techniques are most appropriate given the nature of the system, the goals for improvement, and constraints on time and computing power.

The major sub-disciplines in modern operational research, as identified by the Operations Research are:

Computing and information technologies
Financial engineering
Manufacturing, service sciences, and supply chain management
Marketing Engineering
Policy modeling and public sector work
Revenue management
Simulation
Stochastic models
Transportation