Management Science I Lecture Note

“A problem-solving process used by an interdisciplinary team to develop mathematical models that represent simple-to-complex functional relationships and provide management with a basis for decision-making and a means of uncovering new problems for quantitative analysis”.

Management science encompasses, however, more than just the development of models for specific problems. It makes a substantial contribution in a much broader area: the application of the output from management science models for decision-making at the lower, middle, and top management levels.

A manager’s experience, upcoming business conditions, and the output from a mathematical model form the best combination for planning, organizing, directing and controlling the company’s activities. Management science is the application of the scientific method to the study of the operations of large, complex organisations or activities. Two disciplines intimately associated with management science are industrial engineering and operations research.

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