Management Science and Business

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Management is the science used for the application of quantitative techniques to business decision-making. Business Management covers the whole range of decision-making by management, for example, information technology, operations research, production management, marketing, personnel management, and cost accounting. Management methods operate by forming a quantitative representation of a business problem that is by putting a numerical value on the factors involved. This modelling process enables the major elements of the decision to be identified and considered in relation to the whole problem. Alternative solutions can be put forward, evaluated and an optimum solution found. There is always a need to balance the quantitative approach with behavioural considerations, keeping in mind that business decisions involve people. Whilst experience can be used to suggest how people might react in the future, conditions change and consequently people's future reactions are not always predictable.