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.
A simulation is an imitative representation of a process or system that could exist in the real world. In this broad sense, simulation can often be used interchangeably with model. Sometimes a clear distinction between the two terms is made, in which simulations require the use of models; the model represents the key characteristics or behaviors of the selected system or process, whereas the simulation represents the evolution of the model over time. Another way to distinguish between the terms is to define simulation as experimentation with the help of a model. This definition includes time-independent simulations. Often, computers are used to execute the simulation.
Logistics is the part of supply chain management that deals with the efficient forward and reverse flow of goods, services, and related information from the point of origin to the point of consumption according to the needs of customers. Logistics management is a component that holds the supply chain together. The resources managed in logistics may include tangible goods such as materials, equipment, and supplies, as well as food and other consumable items.
Computer-aided engineering (CAE) is the general usage of technology to aid in tasks related to engineering analysis. Any use of technology to solve or assist engineering issues falls under this umbrella.
Process engineering is the understanding and application of the fundamental principles and laws of nature that allow humans to transform raw material and energy into products that are useful to society, at an industrial level. By taking advantage of the driving forces of nature such as pressure, temperature and concentration gradients, as well as the law of conservation of mass, process engineers can develop methods to synthesize and purify large quantities of desired chemical products. Process engineering focuses on the design, operation, control, optimization and intensification of chemical, physical, and biological processes. Process engineering encompasses a vast range of industries, such as agriculture, automotive, biotechnical, chemical, food, material development, mining, nuclear, petrochemical, pharmaceutical, and software development. The application of systematic computer-based methods to process engineering is "process systems engineering".
Design for Six Sigma (DFSS) is a collection of best-practices for the development of new products and processes. It is sometimes deployed as an engineering design process or business process management method. DFSS originated at General Electric to build on the success they had with traditional Six Sigma; but instead of process improvement, DFSS was made to target new product development. It is used in many industries, like finance, marketing, basic engineering, process industries, waste management, and electronics. It is based on the use of statistical tools like linear regression and enables empirical research similar to that performed in other fields, such as social science. While the tools and order used in Six Sigma require a process to be in place and functioning, DFSS has the objective of determining the needs of customers and the business, and driving those needs into the product solution so created. It is used for product or process design in contrast with process improvement. Measurement is the most important part of most Six Sigma or DFSS tools, but whereas in Six Sigma measurements are made from an existing process, DFSS focuses on gaining a deep insight into customer needs and using these to inform every design decision and trade-off.
Operations management is concerned with designing and controlling the production of goods and services, ensuring that businesses are efficient in using resources to meet customer requirements.
Arena is a discrete event simulation and automation software developed by Systems Modeling and acquired by Rockwell Automation in 2000. It uses the SIMAN processor and simulation language. As of 2020, it is in version 16. It has been suggested that Arena may join other Rockwell software packages under the "FactoryTalk" brand.
Business analytics (BA) refers to the skills, technologies, and practices for iterative exploration and investigation of past business performance to gain insight and drive business planning. Business analytics focuses on developing new insights and understanding of business performance based on data and statistical methods. In contrast, business intelligence traditionally focuses on using a consistent set of metrics to both measure past performance and guide business planning. In other words, business intelligence focusses on description, while business analytics focusses on prediction and prescription.
Specialized wind energy software applications aid in the development and operation of wind farms.
Samsung SDS Co., Ltd., established in 1985 as a subsidiary of Samsung Group, is a provider of Information Technology (IT) services, including consulting, technical, and outsourcing services. SDS is also active in research and development of emerging IT technologies such as Artificial Intelligence (AI), Blockchain, Internet of Things (IoT) and outsourcing in engineering. In 2019, Samsung SDS reported a net profit of 750.4 billion won, an increase of 17.5% year-on-year. The company is estimated to have the 11th most valuable brand among global IT service companies, at US$3.7 billion as of January 2020. Samsung SDS has headquarters in South Korea and eight other overseas subsidiaries, one in America, Asia-Pacific, China, Europe, Latin America, Middle East, India, and Vietnam.
AnyLogic is a multimethod simulation modeling tool developed by The AnyLogic Company. It supports agent-based, discrete event, and system dynamics simulation methodologies. AnyLogic is cross-platform simulation software that works on Windows, macOS and Linux. AnyLogic is used to simulate: markets and competition, healthcare, manufacturing, supply chains and logistics, retail, business processes, social and ecosystem dynamics, defense, project and asset management, pedestrian dynamics and road traffic, IT, and aerospace. It is considered to be among the major players in the simulation industry, especially within the domain of business processes is acknowledged to be a powerful tool.
Industrial engineering is an engineering profession that is concerned with the optimization of complex processes, systems, or organizations by developing, improving and implementing integrated systems of people, money, knowledge, information and equipment. Industrial engineering is central to manufacturing operations.
Plant Simulation is a computer application developed by Siemens Digital Industries Software for modelling, simulating, analyzing, visualizing and optimizing production systems and processes, the flow of materials and logistic operations. Plant Simulation, allows users to optimize material flow and resource utilization and logistics for all levels of plant planning from global production facilities, through local plants, to specific lines. Within the Plant Design and Optimization Solution, the software portfolio, to which Plant Simulation belongs, is — together with the products of the Digital Factory and of Digital Manufacturing — part of the Product Lifecycle Management Software (PLM). The application allows comparing complex production alternatives, including the immanent process logic, by means of computer simulations. Plant Simulation is used by individual production planners as well as by multi-national enterprises, primarily to strategically plan layout, and control logic and dimensions of large, complex production investments. It is one of the major products that dominate that market space.
FlexSim is a discrete-event simulation software package developed by FlexSim Software Products, Inc. The FlexSim product family currently includes the general purpose FlexSim product and healthcare systems modeling environment.
ExtendSim is a simulation program for modeling discrete event, continuous, agent-based, discrete rate, and mixed-mode processes. There are three ExtendSim packages: CP for continuous processes; DE which adds discrete event technology; and Pro which adds discrete rate and reliability block diagramming modules.
Prescriptive analytics is a form of business analytics which suggests decision options for how to take advantage of a future opportunity or mitigate a future risk, and shows the implication of each decision option. It enables an enterprise to consider "the best course of action to take" in the light of information derived from descriptive and predictive analytics.
Simcenter Amesim is a commercial simulation software for the modeling and analysis of multi-domain systems. It is part of systems engineering domain and falls into the mechatronic engineering field.
Predictive engineering analytics (PEA) is a development approach for the manufacturing industry that helps with the design of complex products. It concerns the introduction of new software tools, the integration between those, and a refinement of simulation and testing processes to improve collaboration between analysis teams that handle different applications. This is combined with intelligent reporting and data analytics. The objective is to let simulation drive the design, to predict product behavior rather than to react on issues which may arise, and to install a process that lets design continue after product delivery.
