Description
Management science (MS), is the broad interdisciplinary study of problem solving and decision making in human organizations, with strong links to management, economics, business, engineering, management consulting, and other sciences. 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. Management sciences help businesses to achieve goals 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.e., determining the optima (maximumvalue of profit, assembly line performance, crop yield, bandwidth, etc. or minimum of loss, risk, costs, etc.) of some objective function. 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.
