Management science is often mistaken for the scientific management of classical theory. The theory of management science is also termed as quantitative approach. The classical management theories developed various scientific management techniques. The management science approach has emerged from some of techniques identified by the classical management thinkers.
Due to the complex situation faced by the modern day managers, they are expected to have updated and advanced information for making effective and quick decisions. Quantitative techniques are used in the management science approach for effective decision-making. Many quantitative tools are developed for analyzing the information and with the aid of high speed computers complicated calculations can now be easily done.
The Management Science School believes that management is a logical process. This thought came into existence around World War II. According to quantitative school, many of the corporate issues and corporate activities can be handled with the help of mathematical models and expressions. Although there are several complex issues involved in the management of a business firm like motivation, control, problem solving, communication, leadership etc., the quantitative approach mainly concentrates on the aspects related to analysis and decision-making. Various streams of management like Operations Research, management science are combined knowledge from different disciplines would lead to scientific and operational results. Thus, the explanations discovered would be more practical and achievable.
According to the quantitative school of thought, a business organisation is a techno-economic system which has pre-determined definite goals or objectives that are economical and can be evaluated. All the resources and efforts of the management are focused on the achievement of these objectives. These efforts are combined with a decision-making process which is logical, rational, optimal and formal in nature. Here ‘optimal decision’ means a decision which maximize profits and the term ‘rational decision’ means that the decision makers is inclined towards establishing a relation between resources and the results within the organisational environment. The quantitative school measures the problems evaluates the answer to the problem, examines the solution before selecting the most feasible one and then finally suggests it. The decisions are the best and perfect in comparison with the decisions in the behavioural approach where are ‘satisfying’ in nature. This approach does not include any personal prejudices, opinions, emotions and instinct.