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Importance Of Management Science

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Introduction
Management science is a powerful tool in decision-making. Also known as “Operations Research”, it is an interdisciplinary study of problem solving and decision making in human organizations. Due to its links to economics, engineering, mathematics, statistics and other sciences, management science employs various scientific research-based principles, strategies and advanced analytical methods to build rigorous and systematic models. The main purpose of applying the management science approach is to improve an organization’s ability to make rational and meaningful management decisions.
This discipline was created in the beginning of World War II and has vastly developed ever since, which is going to be the observed phenomena in …show more content…

Beforehand, the core ideas of this discipline were united under the caption “operations research” (OR), a historical perspective on which is provided in two of the reviewed papers. According to “An Introduction to Management Science: Quantitative Approaches to Decision Making” and “Introduction to management science—10th ed.” in the beginning of World War II the UK military builds teams of individuals from different fields of science, mathematics and the military to solve military-based problems, combining different approaches. Due to the significant contributions of those “multidisciplinary groups”, the U.S. military decided to establish such units in its structure and soon after the war various U.S. agencies follow their …show more content…

In comparison, “The Evolution of Research on Information Systems: A Fiftieth-Year Survey of the Literature in "Management Science" follows the development of management science through observing information systems and information technologies in management science. Five research streams outline the improvement of the analysis of the MS approach and set theoretical perspectives in solving management problems. One of the research streams - decision support and design science, studied in the paper, investigates the significant role of decision support systems (DSS) and its influence on the MS approach. In “Introduction to management science—10th ed.” DSS is also a discussed topic and the paper reviews its core concepts and aims. Decision support systems are computer-based systems combining several management science models and solution techniques in order to help decision makers solve more complex, interrelated organizational problems. DSS have become a powerful management science tool, leading to outstanding

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