Management Science Overview

What is Management Science?

• Management Science uses the scientific method for effective decision-making and relies heavily on quantitative analysis.
• It is a collaborative problem-solving process where an interdisciplinary team creates models to represent simple and complex functional relationships, aiding management decisions.
• Terms often associated with Management Science include Operational Science and Decision Science.

Historical Context and Key Contributors

• The scientific management revolution began in the early 1900s with Frederic W. Taylor, known as the father of scientific management.
• Taylor established foundational principles for quantitative methods in management: research, standardization, monitoring, and co-working.
• He introduced the Rational Goal Model, emphasizing efficiency and goal-setting in management.
• The modern era of Management Science research emerged during World War II, marked by significant contributions from George Dantzig.
• Dantzig created the "simplex method," a core technique for solving linear programming problems, distinct from computer programming.

Problem Solving and Decision Making

• Problem solving is defined as the process of identifying the gap between the current state and the desired state, followed by actions to bridge that gap.
• The typical steps involved in problem-solving:
  • Identify and define the problem.
  • Determine alternative solutions.
  • Establish criteria for evaluating alternatives.
  • Evaluate these alternatives.
  • Choose a suitable alternative.
  • Implement the selected alternative.
  • Assess results to ensure a satisfactory solution has been achieved.
• Decision making primarily encompasses the identification of a problem and culminates in selecting an alternative, which constitutes the actual decision-making act.
• Example: When faced with job offers in different locations (Cebu, Davao, Manila, Cagayan de Oro), alternatives for decision-making can be structured based on location preferences.
• The next phase involves determining the evaluation criteria for these options, which is essential for informed decision-making.