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Management Science/Quantitative School of Thought
Transcript of Management Science/Quantitative School of Thought
According to the theorists who belong to this school of thought, management simply makes a series of decision. Management Science/
Quantitative School of Thought This is also called quantitative school of thought mainly because of the wide variety of quantitative tools or applications used for decision making. The quantitative approach was initiated during the 1940’s, during World War II.
Mathematicians, physicists, and other scientists joined together to solve military problems. So basically the quantitative school of management is a result of the research conducted during World War II. The Logical Sequence of Management Science/Quantitative School of Thought Problem Formulation Gathering Information and Data Constructing Mathematical Models Exploring Tentative Solutions Executing the Best Solution Testing the Suggested Solutions The Different Quantitative Tools used for Management Science is the mathematical study of waiting lines, or queues. In queuing theory a model is constructed so that queue lengths and waiting times can be predicted. 1) The Queuing Theory Agner Erlang 2.) Linear Programming Leonid Kantorovich 3.) PERT Chart 4.) The Critical Path Method 5) Monte Carlo Method 6.) Decision Theory 7.) Business simulation 8.) Probability Theory Systems Management Theory "Branches of Management Science" * Operations Management * Management Information Systems Five 4 Fighting!