After a brief discussion of the reality of OR/MS, a detailed examination is made of the impacts of academic OR/MS on its practice. These impacts include the dispersion of OR/MS in organizations, the traditional role of OR/MS, researchers, and the narrow interpretation of decision making process of current OR/MS, and the dissolution of its interdiciplinarity. The changes in OR/MS environment which should have evoked adaptive responses from it, but were not considered. The increasing inappropriateness of OR/MS methodology is discussed by focusing on the deficiencies of its concept and practice of optimization and academic role of OR/MS researchers. These deficiencies, it is argued, can be overcome by a comprehensive reconceptualization of the field, its methodology, the extended role of OR/MS researchers. Finally, the example of realizing New Paradigm, the Full Corporate Modelling with Simulation, is presented.