Abstract
The Management Science theory is one of the theories of management that attributes management effectiveness to the application of scientific methods. It goes a step beyond the famous scientific management theory by applying operations research tools and techniques to solving practical problems. Its origin can be traced to the Second World War in Britain. Its method of expressing business factors in form of variables allows for the accurate prediction of business phenomena and overall optimization of profits. The management science approach uses computer applications and operations research tools to solve business problems around quantitative management, operations research, total quality management and management information systems. Its major limitation is its inability to accurately predict business phenomena that contain behavioral elements. The theory ignores the importance of people, relationships and other non-quantifiable factors. Overall, the management science theory provides a new and proactive way of solving business problems by identifying relationships among different business variables that were previously considered unrelated and so, have provided modern businesses with a better way of doing things. Key words: Management Science theory, scientific management theory, operations research, total quality management, linear programming.
Highlights
Several theories of management have evolved since the nineteenth century
The study set out to discuss the history of the Management Science theory and its different branches, its contribution to the body of management theories, its relevance for contemporary management practices and the limitations of its application in decision-making
The Management Science theory was linked with the earlier theory of scientific management in that it applies scientific procedures in minimizing costs and maximizing output
Summary
Several theories of management have evolved since the nineteenth century. The view of management both as an art and a science has led several management scholars to attribute management effectiveness to certain factors and circumstances. Financial modelling can help a manager decide how to invest his capital in the most rewarding way This branch of the Management Science approach provides managers with a set of techniques (e.g. stepping stone, economic order quantity) that can be used to analyze different aspects of an organization’s production system with the aim of increasing efficiency (Jones and George, 2016). The Management Science approach brings a new and practical perspective on how the different aspects of the business, which were previously regarded as unrelated, depend on one another for the overall effectiveness of the organization (Jeanty, 2019) This school of thought provides a new and proactive method of dealing with complex managerial problems. Examples include; scheduling of passengers and crew in the airline industry, decision on location of new facilities, managing flow of water from reservoirs, gaining access to information needs of health care customers and providing solutions and understanding and analyzing the effects of strategies adopted by competitors (Navarro, 2015)
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
