Management Science

The field of management science use various quantitative techniques and mathematical models to provide a more scientific approach to decision making. In many respects, however, the application of such techniques is not new. During World War II, mathematical models were used by decision makers in business, government, and the military. Other uses of such models date back as far as the 18th century.

Today, changes throughout our society and the world have made decision making a much more complex task in even the smallest of organizations. As a result, many problems facing managers are too vast to be solved through mental models alone. The human mind is remarkable but can keep track of only a limited number of relationships among the numerous variables involved in many decisions. Consequently, managers must often rely on mathematical models when analyzing the tremendous amount of information required in identifying and evaluating alternative solutions to complex problems.

Managers who fail to acquire an understanding of management science techniques will probably hurt their organizations as well as themselves. Competitors, for example, can often move into new market position before managers who rely on non quantitative techniques are fully aware of the opportunities they are missing. An alternative is to know the value of management science techniques, how they can be used, and how to interpret their results. Such knowledge is increasingly important not only in business but also among managers is government, education, the military, and health care delivery systems.