It uses various scientific research-based principles, strategies, and analytical methods including mathematical modeling, statistics and numerical algorithms 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. In short, management sciences help businesses to achieve operations management by lee j krajewski pdf free download using various 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. Today, management science encompasses any organizational activity for which the problem can be structured as a functional system so as to obtain a solution set with identifiable characteristics.
Management science is concerned with a number of different areas of study: One is 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. Another area is designing and developing new and better models of organizational excellence.
The fundamental level lies in three mathematical disciplines: probability, optimization, and dynamical systems theory. The modeling level is about building models, analyzing them mathematically, gathering and analyzing data, implementing models on computers, solving them, experimenting with them—all this is part of management science research on the modeling level.
This level is mainly instrumental, and driven mainly by statistics and econometrics. The application level, just as in any other engineering and economics disciplines, strives to make a practical impact and be a driver for change in the real world.