P. 1
MB0048 Operations Research

# MB0048 Operations Research

Ratings: 0|Views: 67,020|Likes:

### Availability:

See More
See less

09/26/2013

pdf

text

original

MB0048-Unit-01-Introduction to Operations Research Unit-01-Introduction to Operations ResearchStructure:
1.1 IntroductionLearning objectives1.2 Historical BackgroundDefinitions of Operations Research1.3 Scope of Operations Research1.4 Features of Operations Research1.5 Phases of Operations Research1.6 Types of Operations Research models1.7 Operations Research MethodologyDefinitionConstructionSolutionValidationImplementation

1.8 Operations Research Techniques and Tools1.9 Structure of the Mathematical Model1.10 Limitations of Operations Research1.11 Summary1.12 Terminal Questions1.13 Answers to SAQs and TQsAnswers to Self Assessment QuestionsAnswers to Terminal Questions1.14 References
1.1 Introduction
Welcome to the unit on Operations ResearchManagement. Operations Research Management focuseson the mathematical scoring of consequences of adecision aiming to optimise the use of time, effort andresources, and avoid blunders. The act of obtaining the best results under any given circumstances is known asoptimising. The key purpose of Operations Research (OR)is to do preparative calculations that aid the decision-making process. Now, you will agree that decision-making is a key part of our daily life. The ultimate goal of all decisions is to

maximise benefits and minimise effort and time. OR gives decision makers the power to make effectivedecisions and improve day-to-day operations. Decisionmakers consider all the available options, study theoutcomes and estimate the risks.In simple situations, you use your common sense and judgement to take decisions. For example, if you are buying a microwave or washing machine, the decision-making process is not very complicated. You can simplycompare the price, quality and durability of the wellknown brands and models in the market and take adecision based on it.However, in complex situations, although it is possible totake decisions based on one¶s common sense, a decision backed by mathematical calculations reduces the risk factor and increases the probability of success. Some suchsituations, where decision-makers have to reply onmathematical scoring and reasoning, are finding anappropriate product mix amidst competitor¶s products or  planning a public transportation netwo`rk in a city.
L
earning Objectives
By the end of this unit, you should be able to:· List the significant features of Operations Research· Describe the methodology of Operations Research

## Activity (148)

### Showing

AllMost RecentReviewsAll NotesLikes