Operations Research/Management Science

Streamline your processes with business operations research
By Lea Terry, Freelance Journalist / Copywriter Operations research and management science uses advanced analytical methods, such as mathematical models, to help management executives make more efficient and strategic business decisions. Operations research tools are relevant to nearly every aspect of a business, including scheduling, production planning, productivity, pricing, forecasting and strategic planning. A consultant specializing in operations research/management science can help your company with everything from planning for a potential terrorist attack to deciding how to allocate financial resources.
 

Operational research and management science thrives on data; the more numbers, variables and systems you can incorporate into the analysis, the more comprehensive it will be. Operational research techniques include:

1. Using simulation to test different approaches and processes.
2. Using optimization to narrow down even an extensive list of options.
3. Outlining sequential activities, to determine what needs to be completed first.

Hire a consultant skilled in business operations research

If you're new to operations research/management science, you'll likely want to enlist the assistance of a consultant. It's a highly specialized field, and any changes made could have a significant impact on your organization. A consultant can tailor a plan specifically for your company, and will have access to the latest methods, strategies and technological tools
Try: Start by looking at the consultant directory put together by OR/MS Today Magazine, published by the Institute for Operations Research and the Management Sciences. The website for Operations Management: The Science of Better features tips on working with an operations research professional.

Learn from the management science experiences of other companies

If you're considering implementing operations research/management science processes, find out how this practice has worked for other companies. Through case studies, you can find out the challenges other businesses have faced when adopting these practices, how they dealt with these challenges, and what impact the procedure had on their organization.
Try: Harvard Business Publishing offers case studies on management topics, including operations management and strategy. The Stanford School of Business offers case studies on operations and strategic management.

Consider management science software

Providers of management science software offer packages that can help you with everything from risk management to general decision making. In fact, consultants frequently utilize software to help them perform the most accurate analysis and recommendations they can.
Try: Take a look at the list of software packages reviewed by OR/MS Today magazine, published by the Institute for Operations Research and the Management Sciences; for greater detail, read the magazine's software surveys and articles.

• Operations research/management science isn't just for companies who need to revamp their practices and procedures; it can also help you stay competitive, and even gain an edge over others in your field. Consider operations management not only if you're having trouble with your processes or you're not getting as much from your data as you'd like, but also if you regularly face complex decisions or want to make your company more competitive before you fall behind.