Ch 1 Flashcards
(27 cards)
Management science (or managerial science) is a wide and _____________ study of solving _____________ and making ___________ as it pertains to institutions, corporations,
governments, and other types of organizational entities.
interdisciplinary
complex problems
strategic decisions
Management science is related to _______________, __________, _________, ___________, ____________, and other fields.
management
economics
business
engineering
management consulting
It uses various scientific _________________ including mathematical modeling, statistics and numerical algorithms and aims 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 Science
research-based principles, strategies, and analytical methods
Management science looks to help businesses __________ using several
scientific methods.
achieve goals
Today, the discipline of management science may encompass a diverse range of ___________ as it regards to a problem which is structured in mathematical or other quantitative form to derive managerially
relevant insights and solutions.
managerial and organizational activity
Management science is concerned with several areas of study:
Developing and applying _________ that may prove useful in helping to illuminate _________________
The models used can often be represented mathematically, but sometimes computer-based, visual, or verbal representations are used as well or instead.
Designing and developing new and better models of organizational excellence.
Helping to improve, stabilize or otherwise manage profit margins in enterprises.
models and concepts
management issues and solve managerial problems.
Management science research can be done on three levels:
- The fundamental level lies in three mathematical disciplines: __________________________
- The __________ 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 ismainly instrumental and driven mainly by statistics and econometrics. - The ____________, 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.
probability, optimization, and
dynamical systems theory.
modeling level
application level
The management scientist’s mandate is to use _______, ___________, and_______ to inform and improve decisions of all kinds.
rational
systematic
science-based techniques
The techniques of management science are not restricted to business
applications but may be applied to __________________________________.
military, medical, public administration,
charitable groups, political groups, or community groups.
The norm for _____ in management science is to focus their work in a certain
area or subfield of management like public administration, finance, calculus,
information and so forth
scholars
Who is the founder of the field?
Frederick Winslow Taylor in the early 20th century
Likewise, administration expert ___________ and management expert ________ both had an impact on the development of management science in the 1930’s and 1940’s.
Luther Gulick
Peter Drucker
Who said this “the purpose of the corporation is to be economically efficient.”
Peter drucker
Even before the influence of these men, there was _________________ is who became known as “______________”. In 1910, Brandeis was the creator of a new business approach which he coined as “______________”. A term that is often falsely attributed to the Frederick Winslow Taylor.
Louis Brande
the people’s lawyer
scientific management
The origins of management science can be traced to operations research, which became influential during _________________ when the Allied forces recruited scientists of various disciplines to assist with military operations. In these early applications, the scientists used simple
mathematical models to make efficient use of limited technologies and resources. The application of these models to the corporate sector became known as management science.
World War II
In 1967 Stafford Beer characterized the field of management science as “_________________”.
the business use of operations research
Management science draws upon various disciplines such as mathematics, statistics, economics, computer science, engineering, and behavioral sciences to
develop analytical models and solutions for decision-making
Interdisciplinary Approach
Management science emphasizes the use of quantitative methods, mathematical models, and computational algorithms to analyze data, solve problems, and make
informed decisions.
Quantitative analysis
A central focus of management science is on optimization, which involves finding
the best possible solution given constraints and objectives. This may include maximizing profits, minimizing costs, or optimizing resource allocation
Optimization
Management science provides decision-makers with tools and techniques
to evaluate alternatives, assess risks, and make optimal decisions in complex and uncertain
environments.
Decision Support
Management science employs a systematic and structured approach
to problem-solving, which involves problem formulation, model development, solution
methodology, analysis, and interpretation of results.
Systematic approach
Management science relies heavily on mathematical modeling and
simulation techniques to represent real-world systems, understand their behavior, and predict
outcomes under different scenarios.
Modeling and Simulation
Problem-solving in management science often involves an iterative process where models
are refined, solutions are evaluated, and decisions are revised based on feedback and new information
Iterative process
Management science is applied in various organizational contexts, including
business, industry, government, healthcare, transportation, finance, and logistics, to address a wide range of
decision-making problems and improve operational efficiency.
Practical Applications
