Overview of Management Science

Topics: Problem solving, Mean absolute percentage error, Management Pages: 5 (1723 words) Published: July 17, 2012

Management Science, or in British usage: Operational Research generally refers to the discipline of applying advanced analytical methods to help make better decisions as to incorporate quantitative approaches in deciding a solution. The subject incorporates techniques from other mathematical sciences disciplines and it is focused on finding the optimal solutions into process of modern-day solution finding of most complex decision-making problems with the aid of information technology. The idea of management science originates since World War II as a method of providing to the executive departments for their mission with a more quantitative approach, for an example, the military were looking for ways to make better decisions in areas such as logistics and training schedules as such fields are incremental to their success. Subsequently, the techniques learnt during the world war were applied to similar problems in various industries.

Historical Origin

Management science originated back from the World War II as the British was looking for a better way to utilize their resources during the war, notably in the case of taking aircraft down by ground units, with the introduction of management science that can target the enemy’s aircraft more accurately thereby reducing the number of anti-aircraft artillery rounds required to shoot down an enemy’s plane from the average of over 20000 down to 4000 in 1941. Other than this, the techniques applied from here have spread to a wider range of usage in effectiveness of artillery, aerial bombing and anti-tank shooting.

Understanding of Management Science throughout the class
When it comes to problem solving, adopting quantitative approaches is more preferable when the problem is rather complex and not rather familiar, this is because given the magnitude of the problem, the managers may not have time specifically devoted to solve the particular problem and affect other projects. Quantitative Approach can help managers to make more objective decisions rather than a confined and biased decision made by individuals who are inexperienced maybe. Quantitative decisions are usually more effective because they direct attention to the central of the problem in order to solve that specific problem. Thereby, managers will learn a lot of information gathered by all sectors of the problem and therefore can aid in planning that would most probably prevent the occurance of future problems. Perhaps the most important thing about quantitative approaches is its ability to incorporate advances in computational technologies to managerial problem-solving, for example managers are able to integrate their data into Excel and Excel is able to represent their data into models, which are the abstraction of reality. With the construction of the models, the information is simplified and it may represent the data in various models such as symbolic, mathematical, deterministic, etc. Each model has its own functions and can be used to convey different types of information, for example: Deterministic models are used for problems in which the input of information is highly credible as the model is intended to determine an optimal solution to the problem whereas in Probabilistic models are used when the probabilities (which will translated into values) are undetermined as in when the change in value will occur. Although there are almost no defined standards in solving a problem, but management science is developed to provide more systematic ways that incorporate quantitative approaches towards finding the solution of a problem. In finding the general problem solution, management science has provides us with clear guidance that has broken down into steps. First, when a problem has arise, one should not be fussy in solving the problem or even starting to blame others for the reason that the problem has taken place, instead a person who is enriched with management science knowledge will to start...
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