Management Science

Management science practitioners employ a number of statistical/mathematical techniques to help solve business problems and aid with decision making; made easier by the fact that the amount of available data is exploding, the quality of data is improving, and the computational power required to quickly make use of the data is readily available. Development of innovative statistical/mathematical methods developed within the field of management science or adapted from other disciplines is also enabling businesses to understand and address problems more effectively. For instance, how to predict the demand for new products, whether certain customer segments are more profitable than others, and which sales compensation schemes are effective.