Management Is Another Science And This Is How You Can Discover It
In today’s complex business environment most management decisions cannot be made by simply applying personal experience/ guess work/ intuition because the consequences of wrong decisions are serious and costly eg. Entering the bad markets, producing the irrelevant products, providing inappropriate services will have major, often disastrous consequences for an organization. Management science comes to our rescue in this complex situation. The field provides us various quantitative tools that help us in decision making.
Management science is concerned with developing and applying models and concepts that may prove helpful to illuminate management issues and also to solve managerial problems. Mathematically the models used can often be represented , but sometimes computer based visual representations are used instead. It is the discipline of using mathematical model and other analytical methods, to help make better business management decisions. The management scientist’s decision is to use rational, systematic, science based techniques of management science and are not restricted to business applications but may be implemented in military medical and public administration. The field is also known as Operation Research in US.
The origin of Management Science can be trusted to operational research which made its debut during World War II. In the early applications, the scientists used to utilize simple mathematical models to make good use of limited, proper technologies and resources. The application of the models with in the corporate sector came to be known as Management Science.Management science is the quantitative and scientific analysis of the real life problems and is done by taking into consideration the quantitative methods of the Management science and then taking a particular business decision.
