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Management Science

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According to Daft (2009, 462) management science approach to organizational decision making is the analog to rational approach by individual managers and is an excellent device for organizational decision making when problems are analyzable and variables can be identified and measured. Frther management science is built around quantitative skills wherein it deals with numbers and relationships between numbers with use of various modeling techniques that develop your intuition (Winston, Abright, Boadie, Lpin and Whisler, 2008, p The techniques of management science are correctly used to solve the further helps in decision making by the managers.

Sientific method is an approach to problem solving and management science stresses a systems approach that views the total operating system and analyzes a problem within that system (Montana and Charnov, 2000, p Management science uses a logical approach to problems solving where the problem viewed as the focal point of analysis and quantitative models are the vehicles for obtaining the solution (Stevenson, 2006, p Managers while taking organizational decisions have to consider various factors like environment, eonomy and social and in management helps the managers to make correct decisions.

Sevenson (2006, p9) mentions that in management science approach, te problem is identified first and then the appropriate model will be applied to analyze so as to determine solution, tst, iterpret and analyze the solution and then finally implement the solution. Acording to Anderson, Seeney, Wlliams and Martin (2007, p16) the breakeven point is an important tool in managerial decision making as the main purpose of the management is exceed break even and make profit. Te breakeven point is point which total revenues equal total costs and the point at which an organization can begin to earn profit (Needles, Pwers and Crosson, 2007, 1052).

Stevenson (2006, 11) further states that situation analysis is important part of model analysis useful in determining how sensitive a particular solution is to changes in one or more of the constraints in the model. Mnagement science uses breakeven analysis and situation analysis to find solution to a particular problem which further helps in managerial decision making process. Wereas sensitivity analysis attempts to the impact change in the input data or parameters or the proposed solution, alows flexibility and. ..

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preview essay on Management Science
  • Pages: 7 (1750 words)
  • Document Type: Essay
  • Subject: Unsorted
  • Level: Masters
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