This "mindset" is called Management Science (MS) or Operations Research (OR). Basically, the MS/OR approach involves forming (imperfect) mathematical models of business situations, analyzing these models, and then deciding on some "optimal" course of action.

MS/OR is most helpful in situations where quantitative information is plentiful and there are relatively few intangible or psychological considerations, making it easier to produce accurate mathematical models. It is also particularly beneficial when the decision or planning situation is complex, making it hard for managers to simply "eyeball" the decision or "fly by the seat of their pants." Such situations arise most often at the operational level of the management hierarchy, and progressively less often at the higher levels (tactical and strategic).