What is MANAGEMENT SCIENCE? What does MANAGEMENT SCIENCE mean? MANAGEMENT SCIENCE meaning

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What is MANAGEMENT SCIENCE? What does MANAGEMENT SCIENCE mean? MANAGEMENT SCIENCE meaning – MANAGEMENT SCIENCE definition – MANAGEMENT SCIENCE explanation.

Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/by-sa/3.0/ license.

Management science (MS), is the broad interdisciplinary study of problem solving and decision making in human organizations, with strong links to economics, business, engineering, and other sciences. It uses various scientific research-based principles, strategies, and analytical methods including mathematical modeling, statistics and numerical algorithms to improve an organization’s ability to enact rational and meaningful management decisions by arriving at optimal or near optimal solutions to complex decision problems. In short, management sciences help businesses to achieve goals using various scientific methods.

The field was initially an outgrowth of applied mathematics, where early challenges were problems relating to the optimization of systems which could be modeled linearly, i.e., determining the optima (maximum value of profit, assembly line performance, crop yield, bandwidth, etc. or minimum of loss, risk, costs, etc.) of some objective function. Today, management science encompasses any organizational activity for which the problem can be structured as a functional system so as to obtain a solution set with identifiable characteristics.

Management science is concerned with a number of different areas of study: One is developing and applying models and concepts that may prove useful in helping to illuminate management issues and solve managerial problems. The models used can often be represented mathematically, but sometimes computer-based, visual or verbal representations are used as well or instead. Another area is designing and developing new and better models of organizational excellence.

Management science research can be done on three levels:

1. The fundamental level lies in three mathematical disciplines: probability, optimization, and dynamical systems theory.

2. The modeling level is about building models, analyzing them mathematically, gathering and analyzing data, implementing models on computers, solving them, experimenting with them—all this is part of management science research on the modeling level. This level is mainly instrumental, and driven mainly by statistics and econometrics.

3. The application level, just as in any other engineering and economics disciplines, strives to make a practical impact and be a driver for change in the real world.

The management scientist’s mandate is to use rational, systematic, science-based techniques to inform and improve decisions of all kinds. The techniques of management science are not restricted to business applications but may be applied to military, medical, public administration, charitable groups, political groups or community groups.

Its origins can be traced to operations research, which made its debut during World War II when the Allied forces recruited scientists of various disciplines to assist with military operations. In these early applications, the scientists utilized simple mathematical models to make efficient use of limited technologies and resources. The application of these models within the corporate sector became known as management science.

In 1967 Stafford Beer characterized the field of management science as “the business use of operations research”.

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