MANAGEMENT SCIENCE

It is applying a scientific approach to solving management problems to help managers make

better decisions.

It encompasses several mathematically oriented techniques that have either been developed within the field of management science or been adapted from other disciplines, such as the natural sciences, mathematics, statistics, and engineering.

It is a recognized and established discipline in business.

(also referred to as operations research, quantitative methods, quantitative analysis, decision sciences, and business analytics) is part of the fundamental curriculum of most business programs.

it also involves the philosophy of approaching a problem in a logical manner (i.e., a scientific

approach). The logical, consistent, and systematic approach to problem-solving can be as useful (and valuable) as the knowledge of the mechanics of the mathematical techniques themselves.

Management science encompasses a logical, systematic approach to problem-solving, which closely parallels what is known as the scientific method for attacking problems. This

approach, follows a generally recognized and ordered series of steps:

ODMMIR

The first step in the management science process is identifying a problem that exists in the system

(organization). The system must be continuously and closely observed so that problems can be identified as soon as they occur or are anticipated.

A person skilled in management science techniques and trained to identify problems,

who has been hired specifically to solve problems using management science techniques.

Once it has been determined that a problem exists, the problem must be clearly and concisely defined. Improperly defining a problem can easily result in no solution or an inappropriate solution.

It is an abstract representation of an existing problem situation. It can be in the form of a graph or chart, but a management science model most frequently consists of a set of mathematical relationships.