Management Science Overview

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Questions and Answers

What is the primary goal of management science?

To maximize profits for businesses
To minimize costs for businesses
To optimize marketing strategies
To improve an organization's ability to make rational and accurate management decisions (correct)

Which fields is management science closely related to?

Psychology, sociology, and anthropology
Art, literature, and music
Economics, business, and engineering (correct)
Medicine, law, and architecture

What were the early challenges that led to the development of management science?

Market research and consumer behavior analysis
Financial forecasting and risk assessment
Optimization of systems that could be modeled linearly (correct)
Product development and innovation

What methods does management science use to derive managerially relevant insights and solutions?

<p>Mathematical modeling, statistics, and numerical algorithms (B)</p> Signup and view all the answers

What does the discipline of management science encompass today?

<p>A diverse range of managerial and organizational activity as it regards to a problem structured in mathematical or other quantitative form (A)</p> Signup and view all the answers

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