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Operations Research

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10 views11 pages

Operations Research

Uploaded by

kumarishivangi752002
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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OPERATIONS RESEARCH

Operations research is a
subfield of applied
mathematics that uses
advanced mathematical
principles or analytical
methods to solve the
problems that business
leaders and managers often
experience. It encourages
businesspeople to use
advanced analytical tools
to make more informed and
effective decisions for
organizations. This type
of research has a variety
of modern uses in
business, and it uses data
mining, statistical
analysis and mathematical
modeling to formulate
solutions to a wide
variety of problems.
The process of operations
research can be broadly
broken down into the
following steps:
>Identifying a problem
that needs to be solved.
>Constructing a model
around the problem that
resembles the real world
and variables.
>Using the model to derive
solutions to the problem.
>Testing each solution on
the model and analyzing
its success.
>Implementing the solution
to the actual problem.
DEFINITIONS

“Operations Research is a scientific


approach to problem-solving for
executive management.” – H.M Wagner
“Operations Research is an aid for the
executive in making his decision by
providing him with the needed
quantitative information based on the
scientific method of analysis.” – C.
Kittel

CHARACTERISTICS
There are three primary characteristics
of all operations research efforts:
Optimization- The purpose of operations
research is to achieve the best
performance under the given
circumstances. Optimization also
involves comparing and narrowing down
potential options.
Simulation- This involves building
models or replications in order to try
out and test solutions before applying
them.
Probability and statistics- This
includes using mathematical algorithms
and data to uncover helpful insights
and risks, make reliable predictions
and test possible solutions.

OBJECTIVES

PHASES
There are three phases in
an operation research
study –
Judgement phase:
Determining the operation
and objectives
It also includes
determining the
effectiveness of different
steps, the type of
problem, its origin and
the causes behind it.
Research phase:
Formulating the hypothesis
and models
Next step is analyzing the
information collected and
verifying the hypothesis.
The last step in this
phase is the production
and generation of results
and considering all the
other alternatives.
Action phase:
Giving recommendations for
the solution to the
problem including the
assumptions, scope,
limitations and other
alternatives.
Lastly, the solution has
to be put to work.
SCOPE
Here are the key areas of
the scope and application
of operations research:
Healthcare Management and
Hospital Administration
Financial Management,
Budgeting and Investments
Government Development /
Public Sector Units
Energy and Environment
Marketing and Revenue
Management
Agriculture
Telecommunication Networks
Military Defences
Supply Chain Management
Purchasing / Procurement /
Logistics
National Plans / Budgets

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