Management Science Theory

Concept:

- A mathematical, quantitative, operational research approach

- Emphasizes on application of mathematics and statistics for taking decisions and solving management problems

- The approach developed during second world war to solve millitary problems in U.K. and U.S.A.

- Linear programmings, game theory, sampling theory, probability theory, simulation etc. techniques are used to solve resource allocation problems

- Computer programs are used to analyze the problems

- Operation research teams for solving complex management problem, consisting of experts from different field

Contributions/Analysis:

* Disciplined thinking while defining the problems and establishing relations among variables

* Complex relations among variables can be expressed more effectively

* Presents management with an objective basis for making a decision

* Factual data and logical analysis

Limitations:

* Does not deal with people aspect in organization

* All the data can not be updated and not accurate

* Unrealistic and unfounded assumptions

Management Full Notes: