Analytical Functions of Management

Numerous management science techniques that purport to aid managers exist. The vast majority are designed to assist in the process of analyzing a particular strategic or operational situation or a particular problem arising out of special projects or new ventures. Management science techniques are intended to provide a rational, scientific approach or solution for managers. But the real-world manager deals with risk; the manager must be able to account for, deal with, and accept the fact that nothing is absolutely certain. We live in a stochastic world.