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Management science is a wide and interdisciplinary study of solving complex problems and making strategic decisions as it pertains to institutions, corporations, governments and other types of organizational entities. It is closely related to management, economics, business, engineering, management consulting, and other fields. It uses various scientific research-based principles, strategies, and analytical methods including mathematical modeling, statistics and numerical algorithms and aims to improve an organization's ability to enact rational and accurate management decisions by arriving at optimal or near optimal solutions to complex decision problems.
Operations research, often shortened to the initialism OR, is a discipline that deals with the development and application of analytical methods to improve decision-making. It is considered to be a subfield of mathematical sciences. The term management science is occasionally used as a synonym.
An academic discipline or field of study is a branch of knowledge, taught and researched as part of higher education. A scholar's discipline is commonly defined by the university faculties and learned societies to which they belong and the academic journals in which they publish research.
Stochastic refers to the property of being well described by a random probability distribution. Although stochasticity and randomness are distinct in that the former refers to a modeling approach and the latter refers to phenomena themselves, these two terms are often used synonymously. Furthermore, in probability theory, the formal concept of a stochastic process is also referred to as a random process.
Peter Whittle was a mathematician and statistician from New Zealand, working in the fields of stochastic nets, optimal control, time series analysis, stochastic optimisation and stochastic dynamics. From 1967 to 1994, he was the Churchill Professor of Mathematics for Operational Research at the University of Cambridge.
The Applied Probability Trust is a UK-based non-profit foundation for study and research in the mathematical sciences, founded in 1964 and based in the School of Mathematics and Statistics at the University of Sheffield, which it has been affiliated with since 1964.
Samuel Karlin was an American mathematician at Stanford University in the late 20th century.
Applied mathematics is the application of mathematical methods by different fields such as physics, engineering, medicine, biology, finance, business, computer science, and industry. Thus, applied mathematics is a combination of mathematical science and specialized knowledge. The term "applied mathematics" also describes the professional specialty in which mathematicians work on practical problems by formulating and studying mathematical models.
Quantitative analysis is the use of mathematical and statistical methods in finance and investment management. Those working in the field are quantitative analysts (quants). Quants tend to specialize in specific areas which may include derivative structuring or pricing, risk management, investment management and other related finance occupations. The occupation is similar to those in industrial mathematics in other industries. The process usually consists of searching vast databases for patterns, such as correlations among liquid assets or price-movement patterns.
András Prékopa was a Hungarian mathematician, a member of the Hungarian Academy of Sciences. He was one of the pioneers of stochastic programming and has been a major contributor to its literature. He amended one of the three basic model types of the discipline, chance-constrained programming, by taking into account stochastic dependence among the random variables involved. One of his main results in the area concerns the convexity theory of probabilistically constrained stochastic optimization problems. He introduced the concept of logarithmic concave measures and provided several fundamental theorems on logconcavity, which supplied proofs for the convexity of a wide class of probabilistically constrained stochastic programming problems. These results had impact far beyond the area of mathematical programming, as they found applications in physics, economics, statistics, convex geometry and other fields.
The following outline is provided as an overview of and topical guide to formal science:
Mathematical finance, also known as quantitative finance and financial mathematics, is a field of applied mathematics, concerned with mathematical modeling of financial markets.
In queueing theory, a discipline within the mathematical theory of probability, a fluid queue is a mathematical model used to describe the fluid level in a reservoir subject to randomly determined periods of filling and emptying. The term dam theory was used in earlier literature for these models. The model has been used to approximate discrete models, model the spread of wildfires, in ruin theory and to model high speed data networks. The model applies the leaky bucket algorithm to a stochastic source.
Cyrus Derman was an American mathematician and amateur musician who did research in Markov decision process, stochastic processes, operations research, statistics and a variety of other fields.
Jacobus (Jaap) Wessels was a Dutch mathematician and Professor of Stochastic Operations Research at the Eindhoven University of Technology, known for his contributions in the field of Markov decision processes.
Asaf Hajiyev is the Secretary-General of the Parliamentary Assembly of the Black Sea Economic Cooperation, Former Member of National Assembly of the Republic of Azerbaijan, Doctor of Physical and Mathematical Sciences, Professor, Academician, Chair of Probability Theory and Mathematical Statistics in BSU.
Bruce Edward Hajek is a Professor in the Coordinated Science Laboratory, the head of the Department of Electrical and Computer Engineering, and the Leonard C. and Mary Lou Hoeft Chair in Engineering at the University of Illinois at Urbana-Champaign. He does research in communication networking, auction theory, stochastic analysis, combinatorial optimization, machine learning, information theory, and bioinformatics.
References
- ↑ Heyde, Chris (1995). "A Conversation with Joe Gani" (PDF). Statistical Science . 10 (2): 214–230.