Glossary
A
- Analytics
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Analytics is the discovery and communication of meaningful patterns in data using descriptive and predictive models to gain insight
B
- Budget
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A Budget is an estimate of costs, revenues, and resources over a specified period, reflecting a reading of future financial conditions and goals.
F
L
- Legacy data
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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
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The term Management Science is a term which is often considered to be synonymous with Operational Research (O.R.)
O
- O.R.
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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
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In a nutshell, operational research (O.R.) is the discipline of applying appropriate analytical methods to help make better decisions.
- Operations Research
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A term for Operational Research (O.R.) which originated in the USA
- Optimisation
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An optimisation model can be used to find the best possible choice out of a set of alternatives
R
- Risk
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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
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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
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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.