Activity No.

Date: September 25, 2020

ESSAY. In your own words, explain the following questions concisely. (3 to 5 Sentences)

1. Explain the importance of management science in business.

Management science is a proven and recognized discipline that mainly focus on

managerial decision-making. It helps businesses to achieve goals by applying scientific methods
or a scientific approach to the analysis and solution of problems in order to help managers
make better decisions. Hence, management science can increase the effectiveness and
efficiency of business operations as managers are able to make decisions easier. With its
process or cycle, business’s are able to observe or monitor the current situation and assess and
evaluate the effectiveness of their operations, enabling them to identify the problems as soon
as they arise and establish a solution that they can implement to solve the problems in their
operations helping the management to come up with better, effective, and efficient systems
operations.

2. How does the goal of management science pay to the attainment of business objectives?

Management science encompasses organizational activities wherein problems are

structured in mathematical form to look and find ways for an organization to improve its
management and productivity. It aims to use scientific methods in order to solve managerial
issues to enable the managers identify the problematic areas in its operations. It also looks at
the current situation and compares with other possibilities which the organization can pick in
order to attain measurable predictions and improve productivity and efficiency. With these, the
organization will be able to come up with the adequate and appropriate processes and decision-
making approaches that will provide best results in achieving the organization’s objectives.
Management science is beneficial for the organization as it improves the efficiency and
productivity of its operations that will increase or generate more profit for the business.