management (noun, man-age-ment, \ ˈmænɪdʒmənt \) science (noun, sci-ence, \ ˈsaɪəns \)
Definition: is the process of applying mathematical techniques and methods to the decision making processes of an organization. In management science, a company first defines and models a problem in the form of mathematical equations, and then it’s being analyzed until several satisfactory solutions have been found. Afterward, the company holds several testing stages against real-life situations to find out the best solution to the problem. Management science deals with several approaches such as dynamic programming, the critical path method, and linear programming that are all used to assist in handling the allocation of resources in a company, its inventory control, and other purposes. Alternatively, this term can be called operations research.
In a Sentence:
- The management science group struggled for days with coming up with a solution to the shipping problem that Big Box Store has been facing.
- I’ve been proposing we use several management science methods for years now. I believe that all resource allocation problems can be better handled with mathematical equations than just pure speculation.
- Our management science department was tasked with assessing and testing new ways that can help run the company more effectively.
Synonyms and related words: operations research, operations management, operations metrics, Monte Carlo method
