About ICDSM 2018
International Conference on Decision Science & Management (DSM-2018) is going to take place in IIMT Bhubaneswar, India, on December 29-30, 2018. The emerging field of decision science is an interdisciplinary area, which deals with business processes and systems that are used to extract knowledge from large amount of data available from heterogeneous sources and provide significant insights to make crucial decisions in critical situations. Decision science, as a vast field, utilizes a lot of existing as well as new theories and techniques that belongs to diverse disciplines like business management, information science, mathematics, statistics and computer science. It adds value to various sectors of business management by the addition of statistical as well as computational techniques to generate valuable insights across the workflow in several business management processes, from the hiring process of new candidates on the basis of various evaluation parameters to helping the senior managers in making better decisions in vulnerable situations by keeping them informed about relevant dynamic and uncertain changes occurring in related sectors. Also, data driven logical revelation plays an important role in finding novel directions for advancement and improvement in several key areas such as supply chain management, logistics, business operations, financial markets, marketing strategies, human resource developments, resource management, social sciences, adoption of Internet of things, and distributed computing etc., thus making the integration of decision science techniques in business sector a potential research area.
The area of Decision Sciences is related to making of critical decisions on the basis of investigation of information retrieved from different sources. The advanced decade and related innovations have improved the effectiveness of organizations to a substantial degree. Specialists say that more organizations are depending on investigation and decision sciences to make vital choices over all aspects of business. 'Decision Science' is a community approach including scientific formulae, business strategies, innovative applications and behavioral sciences to enable higher level administration to settle on information driven decisions. Previously, organizations depended on advancements like CNC machines and apply autonomy to simply robotize the procedures. Today, scientific conditions are being defined according to the idea of business factors. Such advancements alongside innovation enable organizations to execute different procedures in a smoother and better way. These conditions additionally help in performing everyday activities and creating new projections, which were till date, the key choices that are made by people with the assistance of minimal information and individual instincts. Also in this scenario, there is a probability of individual inclination towards several choices as it is usually done by people. Specialists anticipate that in future, progressed scientific models combined with innovation and behavioral sciences will help create intellectual repairs against biased decision often made by people. Below are some of the advantages provided by decision science community when associated with several management oriented problems:
Below are some of the advantages provided by decision science community when associated with several management oriented problems:
- It enables organizations to settle on better impartial and information driven decisions.troublesome. Decision sciences can help in making translations of this information into productive decisions successfully.
- It also additionally gives an aggressive edge particularly when there is a requirement for astutely translated information.
- It helps senior management to recognize esteems, vulnerabilities and different issues in taking a decision.
Major research areas coming within the vicinity of this field includes use of machine learning and other computing techniques to generate insights from huge data available and relating the obtained information to new scientific challenges rising from several management processes related to information creation, stock management, sharing and visualization of related information for making important decisions for handling cross-platforms containing heterogeneous data associated with complex assets, leadership, team-coordination etc. Application of data science in management field leads to discovery of new hypothetical insights.