A review of the Management Science theory and its application in contemporary businesses

Abstract

The Management Science theory is one of the theories of management that attributes management effectiveness to the application of scientific methods. It goes a step beyond the famous scientific management theory by applying operations research tools and techniques to solving practical problems. Its origin can be traced to the Second World War in Britain. Its method of expressing business factors in form of variables allows for the accurate prediction of business phenomena and overall optimization of profits. The management science approach uses computer applications and operations research tools to solve business problems around quantitative management, operations research, total quality management and management information systems. Its major limitation is its inability to accurately predict business phenomena that contain behavioral elements. The theory ignores the importance of people, relationships and other non-quantifiable factors. Overall, the management science theory provides a new and proactive way of solving business problems by identifying relationships among different business variables that were previously considered unrelated and so, have provided modern businesses with a better way of doing things.   Key words: Management Science theory, scientific management theory, operations research, total quality management, linear programming.