Every single decision comes at a price, hence making a decision is a costly endeavor.
Given this cost, we simply do not have the luxury to make wrong decisions in today’s conditions shaped by global competition, low profitability observed in many industries, and declining growth on a micro & macro scale.
In order not to take costs associated with decisions that are not good enough, we have to be making better, even the best possible decisions. And if you do not prefer to bet solely on your luck, this can only be true by scientific decision-making, or management science if you wish.
With a comprehensive theory & math behind coupled with an engineering discipline that makes this know-how practical, management science enables us to make better, and in certain cases the best decisions for almost all issues faced in managing businesses.
"Every single decision comes at a price."
By means of management science, for instance, we can forecast sales with maximum accuracy, and plan production & distribution in the most efficient way. We can determine capacity & inventory levels just as required, or design the supply network, facilities & processes in the most effective way.
We can minimize quality errors, set correct prices for products & services, pick the best supplier among candidates, select correct channels for marketing campaigns, or make the most promising investment plan, just to name a few things made possible by scientific decision-making.
What is common among all of the above examples is improving business performance indicators, and this is achieved completely independent of the size of the business or its industry.
In short, for those who ask for better business performance, the answer to the question at the very beginning is a definite YES: scientific management pays off...