Editing Management science (section)

{{Short description|Study of problem-solving in human organizations}}
{{For|the academic journal|Management Science (journal){{!}}''Management Science'' (journal)}}
'''Management science''' (or '''managerial science''') is a wide and interdisciplinary study of solving complex problems and making strategic decisions as it pertains to institutions, corporations, governments and other types of organizational entities. It is closely related to [[management]], [[economics]], [[business]], [[engineering]], [[management consulting]], and other fields. It uses various scientific [[research]]-based [[principles]], [[strategies]], and [[analytical method]]s including  [[mathematical model]]ing, [[statistics]] and [[numerical algorithm]]s and aims to improve an organization's ability to enact rational and accurate management decisions by arriving at optimal or near optimal solutions to complex decision problems.<ref name="mgt">{{cite book |title=An Introduction to Management Science: Quantitative Approaches to Decision Making |date=2019 |publisher=Cengage Learning, Inc |location=Boston |isbn=978-1-337-40652-9 |edition=15 |url=https://books.google.com/books?id=0A9EDwAAQBAJ&dq=management+science&pg=PP1 |access-date=14 October 2022}}</ref>{{rp|113}}

Management science looks to help businesses achieve goals using a number of scientific methods. The field was initially an outgrowth of [[applied mathematics]], where early challenges were problems relating to the [[optimization]] of systems which could be modeled linearly, i.e., determining the optima ([[Maxima and minima|maximum]] value of [[profit (accounting)|profit]], assembly line performance, [[crop yield]], bandwidth, etc. or minimum of loss, risk, costs, etc.) of some objective function. Today, the discipline of management science may encompass a diverse range of managerial and organizational activity as it regards to a problem which is structured in mathematical or other quantitative form in order to derive managerially relevant insights and solutions.<ref>{{cite web |title=Tools for Thinking — Modelling in Management Science |url=https://www.tandfonline.com/doi/abs/10.1057/palgrave.jors.2600969 |publisher=Taylor & Francis Online |doi=10.1057/palgrave.jors.2600969 |access-date=30 March 2023}}</ref><ref>{{cite journal |title=Management Models and Industrial Applications of Linear Programming |journal=Management Science |date=1957 |volume=4 |issue=1 |pages=38–91 |doi=10.1287/mnsc.4.1.38 |url=https://pubsonline.informs.org/doi/abs/10.1287/mnsc.4.1.38?journalCode=mnsc |access-date=30 March 2023 |last1=Charnes |first1=A. |last2=Cooper |first2=W. W. |url-access=subscription }}</ref>