Management Science Theory – Evolution of Management Thought

Download our Android App from Google Play Store and start reading Reference Notes Offline.

Management Science TheoryManagement Science Theory | Unit two
Principles of Management (POM)
Third Semester | Second year
BSc.CSIT | Tribhuvan University (TU)

Management Science Theory 
Management science theory is a contemporary approach to management that focuses on the use of rigorous quantitative techniques to help managers make maximum use of organizational resources to produce goods and services. It is also known as the mathematical or quantitative approach. In essence, this theory is a contemporary extension of scientific management,which, as developed by Taylor, also took a quantitative approach to measuring the worker–task mix in order to raise efficiency. This theory has many branches; each of them deals with a specific set of concerns:

  • Quantitative management utilizes mathematical techniques – such as linear and nonlinear programming, modelling, simulation, queuing theory, and chaos theory – to help managers decide, for example, how much inventory to hold at different times of the year, where to locate a new factory, and how best to invest an organization’s financial capital.
  • Operations management (or operations research) provides managers with a set of techniques that they can use to analyze any aspect of an organization’s production system to increase efficiency.
  • Total quality management (TQM) focuses on analyzing an organization’s input, conversion, and output activities to increase product quality.
  • Management information systems (MIS) help managers design information systems that provide information about events occurring inside the organization as well as in its external environment-information that is vital for effective decision making.

All these subfields of this provide tools and techniques that managers can use to help improve the quality of their decision making and increase efficiency and effectiveness.

Summary
The various branches of this theory provide rigorous quantitative techniques that give managers more control over their organization’s use of resources to produce goods and services.

(Visited 4,556 times, 22 visits today)

Posted By : Digvijay | Comment RSS | Category : Third Semester
Tag : , ,

Post a Comment

Your email is never published nor shared. Required fields are marked *

*
*

Wordpress DMCA
Community | Toolbar | Android App | Founder/Developer : Hari Prasad Chaudhary | CSIT Portal Manager : Digvijay Chaudhary