18 Questions
Which field focuses on predicting future trends based on historical data?
Quantitative Analysis
What is the primary goal of Operation Research?
To optimize decision outcomes
Which technique involves analyzing numerical data to develop strategies for decision optimization?
Quantitative Methods
What does Decision Science primarily focus on?
Understanding how choices are made and developing optimal strategies
Which field involves making decisions regarding long-term investments in projects or assets?
Portfolio Analysis
In which area is the focus on assigning resources and time efficiently to meet deadlines and optimize workflow?
Scheduling
What term is used to describe the scientific process of transforming data into insights to make better decisions?
Operations research
Which of the following is NOT one of the terminologies that management science has evolved into?
Portfolio analysis
According to Lancaster University, how is management science defined?
Concerned with developing models to solve managerial problems
What is the primary focus of management science?
Improving organizational productivity
Which term describes the process of collecting and evaluating measurable data to understand business behavior and performance?
Quantitative analysis
What is a distinctive characteristic of management science as an approach to decision making?
Utilization of quantitative analysis
What is another term for Management Science?
Decision Science
Why is it important for managers to have an objective basis when making decisions?
To ensure decisions are based on data and analysis
What is the first step in the Management Science process?
Identifying problems in the system
Why can an improper definition of a problem lead to no solution or an inappropriate solution?
It hinders the problem-solving process
What type of representations are used in Management Science besides mathematical models?
Computer-based, visual, or verbal
What does a Management Scientist do in the context of identifying problems?
They identify problems based on observation
Test your knowledge on applications of management science including forecasting, capital budgeting, portfolio analysis, capacity planning, scheduling, and more. Explore definitions related to operations research, quantitative methods, and decision science.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
