Management Science

1. What is the importance of studying Management?

Management is an essential skill in our everyday lives. Management will help us organize
our time, workload, and resources. Knowing how to manage these things can help us be more
productive and successful in our work, relationships, and hobbies. Management also assists us in
developing a strategy for achieving our objectives, thinking ahead, and anticipating potential
problems before they arise. It also teaches us how to motivate ourselves and others to achieve the
desired outcomes.

Furthermore, studying management will help us in the future, especially when planning
to start our businesses. Management is an essential part of successfully running any organization
or team. A manager must understand the organization's goals and objectives, set and monitor
performance standards, and ensure that resources are utilized effectively. Management also
involves motivating employees, delegating tasks, resolving conflicts, and making decisions that
benefit the organization. Good management is essential for a business to stay competitive and
achieve its goals.

Thus, studying management can help businesses and us students and teachers go through
our everyday lives. It helps us become better organized, more efficient, and handle multiple tasks.
Moreover, management can help us plan and prioritize tasks, manage our time more effectively,
and develop problem-solving skills. It can also help us develop our communication and
leadership skills and our ability to work as part of a team. In short, management is essential for
leading a successful and productive life.

2. State a long term goal and discuss how you are planning to achieve this.

I have a lot of short-term and long-term goals in life that I want to accomplish. One of the
most important long-term goals I've set for myself is to graduate from this course, which is the
Bachelor of Science in Accountancy. I understand that graduating from this course may be
difficult, this goal will require a lot of hard work, perseverance, and dedication, but I am willing
to do everything I can to achieve it. I wanted to accomplish this goal because I wanted to live a
stable life in the future.

To achieve this goal, I will set measurable goals for myself by breaking down this larger
goal into smaller, more achievable goals, such as developing an effective study habit that will
help me avoid procrastinating when studying lessons, participate more in class, and get high
grades on quizzes and exams. Additionally, finding ways to make it easier for me to stay
motivated and on track includes studying with a friend, joining a study group, seeking help from
our seniors, and setting up a structured study schedule. In addition, I will avoid putting too much
pressure on myself, which will affect my mental health as I work toward my goal. I wanted to
achieve this goal while enjoying my college life without risking my health.

Marie Forleo once said, "Success doesn't come from what you do occasionally. It comes
from what you do consistently." Taking consistent, small steps over time is what leads to big
results. Instead of focusing on the end result, concentrate on the process and be consistent in the
steps to get there. We might go through difficult roads filled with many challenges, but
overcoming these challenges and reaping the rewards of reaching our goals can be extremely
rewarding. Even when things seem challenging and overwhelming, I remind myself that there is
always a beautiful destination at the end.

3. Briefly discuss four Management Approaches. (Traditional, Scientific, Humanistic and

Modern)

First, traditional or classical management is a management approach that emphasizes

hierarchy. It highlights the significance of a chain of command, in which leaders make decisions
and the rest of the team follows orders. This approach is effective in highly structured and stable
organizations where a well-defined process is essential. However, the disadvantages of this
approach are that it places a limited emphasis on human relations and increases the pressure
placed on the members since this approach is concerned with their productivity and output.

Second, a scientific or quantitative approach to management is the approach that utilizes

data and analysis to make decisions; it can be solved using scientific and mathematical formulas.
This type of approach typically involves the use of mathematical models, analytical tools, and
statistical methods. This approach helps us make decisions based on evidence and facts rather
than on intuition or guesswork. It can help make decisions about a variety of aspects of the
business.

Third, the humanistic or human relations approach to management is an approach that

focuses on the importance of social relationships and worker satisfaction. This approach
emphasizes the importance of developing a culture of trust and respect between managers and
members. It also focuses on creating an environment where members can work together to reach
organizational goals. Its goal is to create an environment that encourages and fosters
collaboration and communication while allowing members to reach their highest potential.

Lastly, modern management is an approach to management that balances scientific and

humanistic approaches. This approach uses statistical analysis to make decisions and, at the same
time, values job satisfaction. It provides an environment that encourages open communication,
collaboration, and individual growth among its members. Additionally, modern management
approaches emphasize developing strategies that are flexible and adaptive to changing market
conditions. Ultimately, modern management aims to create an organization that is dynamic,
efficient, and productive.

4. Define Management Science and how it affects our modern world.

Management science, according to Couresa (2022), is the study of organizational problem-

solving and decision-making. A study that uses quantitative methods to analyze and solve business
problems to make better decisions and improve performance. Furthermore, it is use to optimize
operations, develop new strategies, and improve efficiency. It can also be use to identify trends and
make forecasts, as well as to optimize resources and manage risks.
 Management science has had a profound effect on the modern world; it has become
increasingly important in our modern world, especially for companies, since they are relying on
analytics and data to make decisions. Additionally, it can help businesses make better decisions
quickly and accurately while also helps identify potential risks and opportunities. In addition,
management science has had a significant influence on the development of modern technology.
Techniques such as data mining, machine learning, and artificial intelligence have revolutionized
the way we do business and interact with the world around us.

In conclusion, management science focuses on developing models to solve complex

problems that enable us to optimize processes and resources, leading to better decision-making and
improved performance in the workplace. It has enabled us to improve efficiency and decision-
making in a wide range of organizations. Ultimately, management science helps businesses better
understand the world around them, allowing them to make informed decisions that lead to
improved performance and increased profitability. Thus, the modern world would not be the same
without management science.