MIT Sloan's program in management science is consistently ranked as one of the best undergraduate business programs in the nation by U.S. News and World Report, and it continues to be one of the most popular majors at the Institute.
Management science is a professional discipline that applies the scientific and mathematical approaches of operations research to managerial decision-making. It combines quantitative methods such as probabilistic analysis, statistical inference, optimization, mathematical modeling, and computer programming with qualitative skills in communication, psychology, and organizational behavior. Management science is applied in virtually all areas of business, industry, and government, including:
Management science focuses on the design and administration of complex systems, and it is used to investigate a wide range of strategic and logistical problems. For example, a financial analyst might apply management science techniques to answer the following questions:
These are complex, multifaceted problems involving uncertainty and risk. Management science provides a systematic approach to such problems using quantitative tools and qualitative methods that assess the human and social dimensions of these issues. Management science techniques account for real world complications and constraints in an effort to provide sound, viable solutions to managerial problems. The result is often a substantial savings of time, money, and resources.