Final answer:
The management branch that focuses on the development of mathematical models is Quantitative management, which utilizes advanced mathematics for operational efficiency and decision-making in various industries. Option 4 is the correct answer.
Step-by-step explanation:
The type of management that focuses specifically on the development of mathematical models is Quantitative management. This branch is rooted in the quantitative management perspective and relies heavily on mathematical tools to model processes, make decisions, and solve problems efficiently in business and engineering. The essence of quantitative management lies in its ability to engage in cost-benefit-risk analysis and operational efficiency through the disciplined use of mathematical formulations.
Mathematical models serve as representations that describe scientific phenomena, can evaluate cost, and are considered more accessible to manipulate than physical models. By applying advanced mathematics such as algebra, calculus, and geometric understanding, managers can design and improve processes. As a vital part of quantitative management, these models help to understand the world by providing a structured and simplified view of complex systems, allowing managers to build models, design processes, and predict outcomes.
The correct option in the context of the question would be 4) Quantitative management. This specialization is critical in various industries, especially in the engineering sector, where mathematical models are central to the design process and essential for evaluating the feasibility and safety of projects.