Management Science
In 1967 Stafford Beer characterized the field of management science as "the business use of operations research". However, in modern times the term management science may also be used to refer to the separate fields of organizational studies or corporate strategy. Like operational research itself, management science (MS) is an interdisciplinary branch of applied mathematics devoted to optimal decision planning, with strong links with economics, business, engineering, and other sciences. It uses various scientific research-based principles, strategies, and analytical methods including mathematical modeling, statistics and numerical algorithms to improve an organization's ability to enact rational and meaningful management decisions by arriving at optimal or near optimal solutions to complex decision problems. In short, management sciences help businesses to achieve their goals using the scientific methods of operational research.
The management scientist's mandate is to use rational, systematic, science-based techniques to inform and improve decisions of all kinds. Of course, the techniques of management science are not restricted to business applications but may be applied to military, medical, public administration, charitable groups, political groups or community groups.
Management science is concerned with developing and applying models and concepts that may prove useful in helping to illuminate management issues and solve managerial problems, as well as designing and developing new and better models of organizational excellence.
The application of these models within the corporate sector became known as Management science.
Read more about this topic: Operations Research
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