MANAGEMENT SCIENCE

MANAGEMENT SCIENCE

Management Science approach also known as mathematical/quantitative approach, visualizes management as local entity, the action of which can be expressed in mathematical terms The primary focus of this approach is the mathematical model. Through this model, managerial and other problem can be expressed in basic relationship and where a given goal is sought, the model can be expressed in terms which optimize that goal. This approach drawes many things from the decision theory approach and provides many techniques for rational decision making

Management Science is the discipline of using mathematics and other analytical methods to help make better business decision. The techniques of management science are not restricted to business applications but may be applied to military, medical public administration, charitable groups. Management Science is concerned with so called "soft operational analysis which concerns methods for strategic planning, strategic decision support and problem structuring methods

 Features of Management Science

1. Management is regarded as problem solving mechanism with help of mathematical tools

2. Management activities can be quantified.

3. Covers decision making system analysis and some aspect of human behaviour.

4. Mathematical tools, simulations, models are basic methodologies to solve managerial problems.