Management Science - Lecture notes 1 MEANING AND FEATURES PDF

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Summary

MEANING , DEFINITION FEATURES OF MANAGEMENT SCIENCE WITH DETAILED EXPLANATION AND VALUE POINTS . VALUE POINTS HIGHLIGHTED WITH COLOUR...

Description

Management Science 1

 Nature, features, Definition, evolution, importance

Dr Lakshmanan M P/DOC/GCC

5/13/2021

Management

(ORO)

2

 Organisation* of Resources# to realise Objectives@

 (* continuous / not one time  #human (people) and non human?  @V/M/G/O/P ) ( how /successful?)

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Meaning 3

 Science of managing ….and and involves decision making  Application of science to decision making

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Meaning contd… 4

The application of the scientific method to address problems and decisions that arise in the business community and other organizations. The use of scientific methods and ideas to understand business and management problems and decisions or formal study of management.

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Contd… 5

 Management science is an interdisciplinary study that involves and helps in

decision making (?) and problem-solving in human organizations.

 Management M t

science, i any application li ti off science i t the to th study t d off

management. Whereas operations research affords analytical data, statistics , and methods to increase the efficiency of management systems, management science applies these tools in such fields as data mining, engineering, economic forecasting and logistics.  (RA) 5/13/2021

Contd… 6

 Management science is

any application of science to management problems or to the process of management itself; it thus encompass operations research, systems analysis and the study of management-information systems

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Contd…. 7

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Contd… 8

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Definitions 9

 According to Lancaster University, management science

can be defined as a concept that is “concerned with developing and applying models and concepts that help to illuminate issues and solve managerial problems”  How do see a problem? Recall story  How did Albert Einstein visualise solution to problem?

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Contd… 10

 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.

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