Management science is an interdisciplinary subject that helps an individual enhance their problem-solving and decision-making skills. The subject uses various concepts from other subjects like management, economics, business, engineering, and management consulting. However, the scope of this course is knot limited to using the concepts of the subjects mentioned above. It also uses research-based principles and strategies to enhance the critical thinking abilities of individuals. Earlier, this field was considered an extension of applied mathematics. Now, the concept is used in various fields.
The area of study of management science includes:
- Developing and applying models and concepts to solve managerial issues and make the organization processes more streamlined.
- The models or concepts used in this area of study can be represented mathematically. In addition, the visual and verbal representations can also be used to express the framework.
- Moreover, the concept of management science can be used to make better models of organizational excellence.
To develop the models, researchers need to do research on various topics. The management science research can be done on three levels. Probability, optimization, and dynamical systems theory are the three concepts on which the framework can be developed. These models may bring a change in the real-world scenarios. Researchers try to create a positive impact in the real-world scenarios using these models. In addition to developing the models, the modeling levels are also about analyzing and gathering data about the usage and how is it working to solve real problems. Students can learn about this topic in detail using the available learning resources on this subject.