For the academic journal, see Management Science (journal).
Management science (or managerial science) is a wide and interdisciplinary study of solving complex problems and making strategic decisions as it pertains to institutions, corporations, governments and other types of organizational entities. It is closely related to management, economics, business, engineering, management consulting, and other fields. It uses various scientific research-based principles, strategies, and analytical methods 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.[1]: 113
Management science looks to help businesses achieve goals using a number of scientific methods. The field was initially an outgrowth of applied mathematics, where early challenges were problems relating to the optimization of systems which could be modeled linearly, i.e., determining the optima (maximum value of profit, assembly line performance, crop yield, bandwidth, etc. or minimum of loss, risk, costs, etc.) of some objective function. Today, the discipline of management science may encompass a diverse range of managerial and organizational activity as it regards to a problem which is structured in mathematical or other quantitative form in order to derive managerially relevant insights and solutions.[2][3]
^An Introduction to Management Science: Quantitative Approaches to Decision Making (15 ed.). Boston: Cengage Learning, Inc. 2019. ISBN 978-1-337-40652-9. Retrieved 14 October 2022.
^"Tools for Thinking — Modelling in Management Science". Taylor & Francis Online. Retrieved 30 March 2023.
^"Management Models and Industrial Applications of Linear Programming". Management Science. 4 (1): 38–91. 1957. doi:10.1287/mnsc.4.1.38. Retrieved 30 March 2023.
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