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</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</p> Signup and view all the answers

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