Analytics is the discovery and communication of meaningful patterns in data using descriptive and predictive models to gain insight
A Budget is an estimate of costs, revenues, and resources over a specified period, reflecting a reading of future financial conditions and goals.
- Legacy data
Legacy data is information stored in an old or obsolete format or computer system that is, therefore, difficult to access or process.
- Management Science
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
- Operations Research
An optimisation model can be used to find the best possible choice out of a set of alternatives
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.
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.