What is management science
Historical development of management science
Characteristics of management science
Tools of management science
Managerial decision making
Areas of application
CHAPTER 01
Management science is the application
of scientific method, techniques, tools
to problems involving the operations of
systems so as to provide those in
control of operation with optimum
solution to problems
Application of the scientific method to
analysis and solution of managerial
decision making problems
1. Focus on managerial decision making
2. Application of the scientific approach to
managerial decision making
3. Examination of decision situation from a
broad perspective
4. Interdisciplinary methods and knowledge
5. Reliance on mathematical and quantitative
models
6. Extensive use of computers
7. Problems and decisions are viewed from
system perspective
1. Scientific Management by F. W.
Taylor in late 19th century
2. Use of math models
3. Cross fertilization in science
Prognosis
Solution
