Management science
Management Science
Management Science (pronounced: man-ij-muhnt say-uhns) is an interdisciplinary field of study that uses mathematical modeling, statistical analysis, and mathematical optimization to make decisions and solve problems in organizations and businesses.
Etymology
The term "Management Science" is derived from the words "management" which comes from the Italian word "maneggiare" meaning to handle, especially tools, and the Latin word "manus" meaning hand. The word "science" comes from the Latin word "scientia" meaning knowledge.
Definition
Management Science is a discipline that applies analytical methods to help make better decisions. It is often considered to be a subfield of Operations Research because it heavily uses the scientific method to solve complex problems.
Related Terms
- Operations Research: A discipline that deals with the application of advanced analytical methods to help make better decisions.
- Decision Analysis: A discipline involving philosophy, methodology, and professional practice needed to formally evaluate hard decisions.
- Mathematical Modeling: The process of using mathematics to represent or simulate real-world situations.
- Statistical Analysis: The collection, analysis, interpretation, presentation, and modeling of data.
- Mathematical Optimization: The selection of a best element from some set of available alternatives.
See Also
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