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Management science (or managerial science) is a wide and interdisciplinary study of solving complex problems and making strategic decisions as it pertains to institutions, corporations, governments and other types of organizational entities.
Larger organizations generally have three hierarchical levels of managers, [1] [need quotation to verify] organized in a pyramid structure: . Senior management roles include the board of directors and a chief executive officer (CEO) or a president of an organization.
Frederick Taylor (1856–1915), leading proponent of scientific management. Scientific management is a theory of management that analyzes and synthesizes workflows.Its main objective is improving economic efficiency, especially labor productivity.
Management audit is a systematic examination of decisions and actions of the management to analyse the performance. Management audit involves the review of managerial aspects like organizational objective, policies, procedures, structure, control and system in order to check the efficiency or performance of the management over the activities of the company.