S-MATH311LA BSM31 1st Sem ( 2021-2022 ) - 1st Sem AY2021-202... https://dlsud.edu20.org/student_lesson/show/2795121?lesson_id=130...

S-MATH311LA BSM31 1st Sem ( 2021-2022 ) - 1st Sem AY2021-2022

Introduction to Management Science

History and Application of Management Science

Immersive Reader

In this lesson, we shall understand the role of quantitative

methods in the decision-making process and also view this as a
body of knowledge.
The body of knowledge involving quantitative approaches to
decision making is referred to as
• Management Science
• Operations Research
• Decision Science

Management science is the application of the scientific method

to address problems and decisions that arise in the business
community and other organizations, such as government and

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military institutions. This field of study, which is also commonly

known as operations research (OR), operates on the
understanding that business managers can make informed
decisions only when they have access to scientifically acquired
knowledge.
It had its early roots in World War II and is flourishing in business
and industry with the aid of computers.
Let's us view this four (4) video clips to see and understand the
use and development of quantitative methods as an effective tool
in the decision-making process.
Video Clip (Part 1 of 4)
Video Clip (Part 2 of 4)
Video Clip (Part 3 of 4)
Video Clip (Part 4 of 4)
From the videos that you have watched, applications of
management science are abundant in industry such as airlines,
manufacturing companies, service organizations, military
branches, health services, and in government.
The discipline is typically concerned with maximizing profit,
assembly line performance, crop yield, bandwidth, etc. or
minimizing expenses, loss, risk, etc.
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