M B A 8590 Chapter Notes - Chapter 1: Decision Support System, Prescriptive Analytics, Predictive Analytics

• School: Clemson University
• Department: Business Administration
• Course: M B A 8590
• Professor: Gabriela Sava

Document Summary

Management science is a discipline that attempts to aid managerial decision making by applying a scientific approach to managerial problems that involve quantitative factors. It"s a whole body of knowledge and techniques that are based on a scientific foundation. This discipline is also called operations research because during wwii a team of scientists were doing research on how to manage military operations. Business analytics is closely related to this discipline. But this one makes particular emphasis on three types of analysis: descriptive analytics: to analyze trends, predictive analytics: to predict what will happen, prescriptive analytics: to prescribe the best course of action. Management science focuses more on prescriptive analytics. Informs is an international society that focuses on ms: aids managerial decision making: A ms study only provides an analysis and recommendations, based on the quantitative factors involved in the problem. Managers must also take into account various intangible considerations that are outside the realm of ms: uses a scientific approach: