Decision-making encompasses all aspects of human life. However, the problem is how to ascertain whether one has the required skills and knowledge to make optimal decisions. This led to the emergence of Applied Management Science as an important field in various sectors of learning. Applied refers to making practical application of something that is not theoretical.
Management on the other hand refers to the control of activities within the set guidelines and policies for the achievement of specific objectives. Science is the identification, observation, investigation, and explanation of theoretical phenomena. Applied Management Science therefore refers to the science of solving business problems. It assists business managers in making optimal, informed, and satisfactory decisions.
Business managers face complex and dynamic challenges that not only demand forethought, but also call for optimal and informed decisions making to provide solutions to business challenges on daily basis. This calls for developing complex scientific models capable of analyzing the situations and providing indicators that assist managers in decision-making.
Applied Management Science therefore ensures that decisions made by business managers are products of strategic thinking processes and are aimed at improving operations. In other words, it offers practical information in decision making that is an indicator to success in business.
The process of mainstream decision-making has not received mainstream attention because of the dynamic and evolving nature of business challenges. The development of a universally accepted decision making model becomes a big challenge because business decisions change and remain unique within the each business set-up and culture.
Despite the fact that business, education, and psychology communities embrace decision aides, the public may not adopt the application of these aides. This is because most decisions made by the public are personal and may not demand complex processes to determine their levels of accuracy.
Indecisiveness has been a major problem to psychologists because it does not translate to anything good in life. The inability to make a decision and pursue a course presents unwanted challenges within career and family. Human beings must have a determination in life and to move ahead with ambitions, there must be the component of decision-making on what and where one is moving. Indecision in career, family, and general life translates to failure, confusion, unfulfilled ambitions, and frustrations.
To entrench the character of courage and instill ambition on an individual, it is imperative that decision-making skills be taught in high schools. This is because of its implications on an individual and in society. Skills in decision-making and right judgment should be enhanced on an individual from early age.
From the discussions, it is seen that management science is a form of applied decision-making in organizations, and business problem solving. This is because it enhances the capacity of business managers to make rational and satisfactory decisions that not only solve problems in business, but also ensure improvement in operations.
Whereas some schools of thought posit that management science make decisions, the reality is that management science equips managers with the skills in making satisfactory decisions. These involve a combination of qualitative techniques, hypothesis formulation, and analysis to find solutions to complex management problems.
Quantitative analysis for management problems has become more widely used in the past years because it employs scientific and systematic techniques and procedures in seeking solutions to management problems.