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Concept
Management science
Summary
Management science (or managerial science) is a wide and interdisciplinary study of solving complex problems and making strategic decisions as it pertains to institutions, corporations, governments and other types of organizational entities. It is closely related to management, economics, business, engineering, management consulting, and other fields. It uses various scientific research-based principles, strategies, and analytical methods including mathematical modeling, statistics and numerical algorithms and aims to improve an organization's ability to enact rational and accurate management decisions by arriving at optimal or near optimal solutions to complex decision problems.
Management science looks to help businesses achieve goals using a number of 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, the discipline of management science may encompass a diverse range of managerial and organizational activity as it regards to a problem which is structured in mathematical or other quantitative form in order to derive managerially relevant insights and solutions.
Management science is concerned with a number of areas of study:
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.
Designing and developing new and better models of organizational excellence.
Helping to improve, stabilize or otherwise manage profit margins in enterprises.
Management science research can be done on three levels:
The fundamental level lies in three mathematical disciplines: probability, optimization, and dynamical systems theory.
Official source
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