The discipline of Decision Sciences is concerned with the study and application of various data analysis, modeling and optimization tools and techniques that are useful in the real world decision making situations in various areas of management. It covers a wide range of topics including statistical tools and models, mathematical programming including linear, integer and non-linear programming, combinatorial optimization, models based on fuzzy sets and systems, and simulation models. These models find useful applications in such wide-ranging areas as production and operations management, distribution and logistics, marketing research and financial modelling.
The mission of the Decision Sciences group is to take the lead in real world applications of Decision Sciences in the country supported by sound theoretical research in this area and establish IIM Lucknow as a major center of expertise in application of decision sciences which is acquiring greater importance in the Indian context with increased competition due to globalization, as companies must conduct their operations with utmost efficiency to compete in today’s environment. The objective of the group is to impart the students with the relevant knowledge and skills necessary for successfully applying these tools and techniques in various areas of management. Special emphasis is laid on the model building aspect, and exposing the students to a wide range of real world situations and how they can be modeled and solved using the tools of decision sciences.