Operational Research The Science of Better

Glossary

Click one of the letters above to advance the page to terms beginning with that letter.

A

Analytics

Analytics is the discovery and communication of meaningful patterns in data using descriptive and predictive models to gain insight

B

Budget

A Budget is an estimate of costs, revenues, and resources over a specified period, reflecting a reading of future financial conditions and goals.

F

Forecast

The process of predicting business activity for a future period of time

 

L

Legacy data

Legacy data is information stored in an old or obsolete format or computer system that is, therefore, difficult to access or process.

M

Management Science

The term Management Science is a term which is often considered to be synonymous with Operational Research (O.R.)

O

O.R.

O.R. is the usual abbreviation for Operational Research; the term ORMS is sometime seen which abbreviates Operational Research / Management Science - terms which are often considered to be synonymous.

Operational research

In a nutshell, operational research (O.R.) is the discipline of applying appropriate analytical methods to help make better decisions.

Operations Research

A term for Operational Research (O.R.) which originated in the USA

Optimisation

An optimisation model can be used to find the best possible choice out of a set of alternatives

R

Risk

1. A probability or threat of damage, liability or loss that is caused by external or internal factors that may be avoided through preemptive action.
 

S

Simulation

A simulation is an accurate computer model that looks and acts just like your real life process. It is possible to simulate any business process - from the running of a factory assembly line, the staff assignment of a hospital or call centre, or the day-to-day operations of a bank.

supply chain

A network that is, directly or indirectly, interlinked and interdependent to serve customers. For example, suppliers of raw materials > manufacturers > products > warehouses > distribution centres > delivery vehicles > retailers > end users.