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Management Science explains a unified approach to operational control based on the applications of various scientific research methods for different issues. According to Hsiao and Cleaver management science was established during World War II by the British Military Management when they brought in a group of scientists for accessing the plans and tactics of military operations and effective allocation of resources.
Management Science extended its presence mostly between 1950 and 1960 as most of the businesses felt that it is an effective way for minimizing management related issues. However, by the 19190s management science got all the recognition and became an effective tool for all the business communities.
The root of management science also focuses on the work of F.W. Taylor who is regarded as the father of Scientific Management.
In an organization the activities and functions are co-related, hence it is highly essential for finding all those interactions and access their impacts on the organization. On the other hand, the functional relationships in management science interact with different aspects and also their components in a statement of a specific problem.
Management science put light on the management related issues and verifies them from different angles by using effective principles. To say more precisely, handling the problems can differ from a mathematician to a chemical engineer based on their studies. Therefore, there is nothing wrong to say management science focuses on an interdisciplinary approach as the aspects of different problems are handled by the experts individually who are well-versed in the field like economics, engineering, statistics, and more.
The characteristic shows when management science resolves a specific issue it gives birth to new problems as they are correlated. Each of these issues needs to be solved with proper consideration for availing maximum benefits.
Management science employs a systematic approach for solving various problems by using various modeling process approach using mathematical models.
Various allocation and investment issues in management science feature the least number of possible solutions and that is presented in a tabular form known as a decision matrix.
Decision trees are the extension of decision matrices where there are various decision periods.
Mathematical programming makes every effort to enhance the attainment level of a specific goal in a set of requirements and limitations. It is widely used in engineering, military service, and various businesses.
It is mostly used for planning and regulating different complex projects. PERT and CPM are the best examples of Network Models.
Management science approaches depend on four core areas of research and the effective implementation for defining a system.
The first one is discovering where the organization has to examine the defined goals and the possible ways to achieve the same. It explains what a company wants to do, what it is doing, and what it could be doing.
The second core area is all about ensuring the enforcement of the adopted policies for the effective operation of the organization. The third element is examining the effectiveness of the policies where it helps in making a better decision and streamline various management procedures.
the fourth core element of management science initiates necessary changes in the policies that don’t make sense and are found ineffective for achieving the goals and definite results.
Computer technology is vital for management science, the conjunction of computing power and management science methods are significant in resolving complex problems.
Management science and operation research go hand-in-hand, so we can say one is the synonym of the other. Operation research offers statistics and analytical data for enhancing the efficiency of management systems whereas management science uses such approaches in the field of engineering, data mining, and logistics.
Management science is the application of various scientific methods for studying the functionalities and activities of various organizations irrespective of the size and area of work. It is the most effective way for planning, organizing and regulating an organization’s activities.
Management science undoubtedly helps an organization run smoothly and effectively for the betterment of the company as well as employees. The key features include
The fundamental applications of management science include the scheduling of airlines, setting up the information requirements of health services and identifying & comprehending the strategies of company’s information system. An effective application of management science also helps in finding the best ways for the development of telecommunication industry.
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There are mainly three levels in management science that is used for research and they are
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