[MODULE FORMAT]

Republic of the Philippines

Commission on Higher Education

Guagua Community College

Sta. Filomena, Guagua, Pampanga

COURSE TITLE : Management Science

PROFESSOR : Maria Charina B. Martin, MBA

OUTLINE: Week 1 deals with the Introduction to Management Science and its
definition.

Definition of management science

• Management Science is the study of statistical methods, such as linear

programming and simulation, in order to analyze and solve organizational
problems.

• The use of scientific methods and ideas to understand business and

management problems and decisions, or the formal study of management.

• Management science (MS) is the broad interdisciplinary study of problem

solving and decision making in human organizations, with strong links
to management, economics, business, engineering, management consulting,
and other fields. It uses various scientific research-
based principles, strategies, and analytical methods including mathematical
modeling, statistics and numerical algorithms to improve an organization's
ability to enact rational and accurate management decisions by arriving at
optimal or near optimal solutions to complex decision problems. Management
science helps businesses to achieve goals using various scientific methods.

Overview

Management science research can be done on three levels

1. The fundamental level lies in three mathematical

disciplines: probability, optimization, and dynamical systems theory.

2. The modeling level is about building models, analyzing them mathematically,

gathering and analyzing data, implementing models on computers, solving
them, experimenting with them—all this is part of management science
research on the modeling level. This level is mainly instrumental, and driven
mainly by statistics and econometrics.

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 3. The application level, just as in any
other engineering and economics disciplines, strives to make a practical
impact and be a driver for change in the real world.

The management scientist's mandate is to use rational, systematic, science-based

techniques to inform and improve decisions of all kinds. The techniques of
management science are not restricted to business applications but may be applied
to military, medical, public administration, charitable groups, political groups or
community groups.

Some of the fields that management science involves include:

Forecasting Project management

Data Mining Social Network/Transportation forecasting models

Decision Analysis Supply Chain Management

Engineering Management Consulting

Logistics Game Theory

Probability and Statistics Industrial Engineering

Applications of management science are abundant in industries such

as airlines, manufacturing companies, service organizations, military branches, and
in government. Management science has contributed insights and solutions to a vast
range of problems and issues, including:

 scheduling airlines, both planes and crew

 deciding the appropriate place to site new facilities such as a warehouse or

factory

 managing the flow of water from reservoirs

 identifying possible future development paths for parts of the

telecommunications industry

 establishing the information needs of health services and appropriate systems

to supply them

 identifying and understanding the strategies adopted by companies for

their information systems

Scope of Management Science

• Subject matter of management

• Functional Area of Management

• Management is an Inter-Disciplinary Approach

• Principles of Management

• Management is an Agent of Change

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 • The Essentials of Management

ACTIVITY: 1

Answer the following questions

1. In your own understanding what is Management Science.

2. How it can be useful for the management to make the necessary decisions.

3. Do you have any questions for clarifications.

Activity sheets must be submitted On-line or off-line on or before the Monday the next
module is given.

For online submission you can email it at – chariemartin0519@gmail.com

*Offline submissions can be through the delivery/pick-up GCC personnel, which will
be done during Fridays only.

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