Final answer:
Quantitative Management is the field of management employing mathematical models and statistical methods to enhance managerial decision making. It uses mathematics to construct models for problem-solving and informed decision-making in various business sectors.
Step-by-step explanation:
The field of management that includes the study and use of mathematical models and statistical methods to improve the effectiveness of managerial decision making is known as Quantitative Management. This field is heavily reliant on mathematics to understand the world, solve problems, and build models that can help make informed decisions. Quantitative management emphasizes the construction of models using appropriate science and mathematics to ensure accurate representation and predictions for various decision-making scenarios.
An example of a mathematical model could be the simulation of driving time from New York to Florida, which would take into account various variables and conditions to provide an estimation. Such models are critical to describing scientific phenomena, evaluating costs, and are often utilized by engineers and analysts to design processes and analyze situations. It's important that these models are thoroughly tested to make sure they have been built correctly.
These representations and models are essential for analyzing situations qualitatively and quantitatively, and play a vital role in effectively managing resources and optimizing operations in various business sectors as well as in engineering and science.