Management science, also known as managerial science, is an interdisciplinary field that involves solving complex problems and making strategic decisions in institutions, corporations, governments, and other types of organizational entities. It is closely related to management, economics, business, engineering, and management consulting, among other fields. Management science uses various scientific research-based principles, strategies, and analytical methods, including mathematical modeling, statistics, and numerical algorithms, to improve an organizations ability to make rational and accurate management decisions by arriving at optimal or near-optimal solutions to complex decision problems.
Management science is important because it helps organizations identify issues they must solve, streamline management efforts, use resources more effectively, and develop roadmaps for achieving goals. The field assumes that managerial problems can be quantified and described in mathematical terms, and that mathematical tools, techniques, simulations, and models can enhance the problem-solving process. The major steps of scientific inquiry are used to gain scientifically acquired knowledge, including identifying the issue or problem, formulating a hypothesis (theory) about possible solutions to the problem, constructing appropriate models to test the hypothesis, collecting and analyzing the results of the tests, and determining the best way to resolve the issue or address the problem based on the final results.
Management science encompasses the functional, cross-functional, and multiple disciplines involved in the management of an organization, including strategy, accounting, finance, information systems, manufacturing, distribution, marketing, research, development, supply chain management, decision analysis, organization performance, modeling, simulation, design, and game theory, among others.
