Smarter Decisions for a Better World
Blog: Decision Management Community
Operations Research and the Management Sciences (OR/MS) is the computer science technology with probably the most impressive real-world success stories in decision optimization. However, being “too scientific”, OR/MS remains a well-kept secret for many years. The Institute for OR/MS, known as “INFORMS” has decided to switch to a new branding. While some people try to take advantage of the booming “AI”, INFORMS introduced a new tagline: “Smarter decisions for a better world”. It stresses Operations Research as the scientific process of transforming data into insights to making better decisions. The second half of the tagline – “for a better world” – alludes to the slogan: “Saving lives. Saving Money. Solving problems.” Read more
Making smarter decisions is something every organization values. “Smarter decisions for a better world” reminds me of a recent conversation I had with someone who has had a highly successful career in industry over the past 25 years since earning a B.S. in industrial engineering from the University of Wisconsin-Madison (my employer). The conversation took an interesting turn when he weighed in on what he saw as the ultimate value of an industrial engineering degree. The value, he argued, was learning about the decision sciences in O.R. courses. In his description, the decision sciences capture data-driven decision-making, communication and the human side of decisions, including emotions, risk aversion and cognitive biases. He considers this to be the single most important aspect of his university education because making decisions well is something that every organization values. And I agree.
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