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Management science

During this period, first applications of management science took place, prompted by fast technological advancements. Administrative Management was developed; specialization of labor, authority, discipline, unity of command, unity of direction, subordination of individual interests, centralization, order, equity, and lifetime employment of good workers are the key principles of Administrative Management. Several notable project management tools, including CPM and PERT, were pioneered. The Polaris Missile project by the U.

S Navy is believed to be the first project that relied on utilizing management science.

It was the first project to be completed using the program evaluation review technique (PERT). The project was carried out under the circumstances of high uncertainty, so its completion date was estimated using optimistic, pessimistic and most likely scenarios. This method was further used as a basis for developing the critical path method (CPM). Additionally, the achievements of computer technology led to the creation of project management software companies, such as Artemis, Oracle and Scitor Corporation).

Material Requirements Planning (MRP) was developed during this period, too.

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It is a scheduling algorithm for managing processes that have multiple levels of production. 3) 1980-1994 This period is noted for the fast-paced growth in the information management sector with the introduction of computer communications networking facilities. Accessible project management software became widely distributed and made project management techniques widespread.

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Management science. (2020, Jun 02). Retrieved from http://studymoose.com/management-science-new-essay

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