Management science approach
Management science approach also known as mathematical or quantitative measurement of the approach, visualizes management as a logical entity, the action of which can be expressed in the terms of mathematical symbols, relationship and measurement data. The primary focus of this approach is the mathematical model. Through this devise, managerial and other problems can be expressed in basis relationship and, where a given goal is sought, the model can be expressed in terms which optimize that goal. This approach draws many things from the decision theory approach and in fact, provides many techniques for rational decision making. The major features of this approach are as follows:
1. Management is regarded as the problem saving mechanism with the help of the mathematical tools and techniques.
2. Management problems can be described in terms of mathematical symbols and data. Thus every managerial activity can be quantified.
3. This approach covers decision making systems analysis and some aspects of human behavior.
4. Operations research, mathematical tools, simulation, models, etc. are the basic methodologies to solve managerial problems.
Uses and limitations: management science approach is a fast developing one in analyzing and understanding management. This has contributed significantly in developing orderly thinking in management, which has provided exactness in the management discipline. Various mathematical tools like sampling, linear programming, games theory, time series analysis, simulation, waiting line theory etc, have provided more exactness in solving managerial problems. It is very difficult to call it a separate school of management because it does not provide the answer for the total managerial problems. Moreover, many managerial activities are not really capable of being quantified because of involvement of human beings who are governed by the many irrational factors also.