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MB0048 Operations Research

MB0048 Operations Research

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Course MBA 2
nd
SemesterSubject
Operations Research
Assignment MB0048 Set1
Q.1a) “Operation Techniques is a bunch of mathematicaltechniques.” Comment.
Ans:Operations Research is an interdisciplinary branch of appliedmathematics and formal science that uses methods such asmathematical modelling, statistics, and algorithms to arrive at optimal ornear optimal solutions to complex problems. It is typically concerned withoptimizing the maxima (profit, assembly line performance, crop yield,bandwidth, etc) or minima (loss, risk, etc.) of some objective function.Operations research helps management achieve its goals using scientificmethods. The terms operations research and management science areoften used synonymously. When a distinction is drawn, managementscience generally implies a closer relationship to the problems of business management. The field of operations research is closely relatedto Industrial engineering. Industrial engineers typically considerOperations Research (OR) techniques to be a major part of their toolset.Some of the primary tools used by operations researchers are statistics,optimization, probability theory, queuing theory, game theory, graphtheory, decision analysis, and simulation. Because of the computationalnature of these fields, OR also has ties to computer science, andoperations researchers use custom-written and off-the-shelf software.Operations research is distinguished by its frequent use to examine anentire management information system, rather than concentrating onlyon specific elements (though this is often done as well). An operationsresearcher faced with a new problem is expected to determine whichtechniques are most appropriate given the nature of the system, thegoals for improvement, and constraints on time and computing power.For this and other reasons, the human element of OR is vital. Like anyother tools, OR techniques cannot solve problems by themselves.Scope of operation Research:Examples of applications in which operations research is currently usedinclude:
1.
Critical path analysis or project planning: identifying thoseprocesses in a complex project which affect the overall durationof the project.
2.
Designing the layout of a factory for efficient flow of materials.
3.
Constructing a telecommunications network at low cost whilestill guaranteeing QoS (quality of service) or QoS (Quality of 
 
Experience) if particular connections become very busy or getdamaged.4.Road traffic management and 'one way' street allocations i.e.allocation problems.
5.
Determining the routes of school buses (or city buses) so that asfew buses are needed as possible.
6.
Designing the layout of a computer chip to reducemanufacturing time (therefore reducing cost) Managing the flowof raw materials and products in a supply chain based onuncertain demand for the finished products.
7.
Efficient messaging and customer response tactics.
8.
Robotizing or automating human-driven operations processes.
9.
Globalizing operations processes in order to take advantage of cheaper materials, labour, land or other productivity inputsManaging freight transportation and delivery systems(Examples: LTL Shipping, intermodal freight transport).
10.
Scheduling.
11.
Personnel staffing.
12.
Manufacturing steps.
13.
Project tasks.14.Network data traffic: these are known as queuing models orqueueing systems.
15.
Sports events and their television coverage blending of rawmaterials in oil.
16.
Refineries determining optimal prices, in many retail and B2Bsettings, within the disciplines of pricing science.Operations research is also used extensively in governmentwhere evidence-based policy is used.
Q.1- b) “Operation Research is an aid for the executive in makinghis decisions based on scientific methods analysis”. Discuss theabove statement in brief.
Operation Research is a scientific method of providing executivedepartments with a quantitative basis for decisions regarding theoperations under their control. Morse & Kimball Operations research is ascientific approach to problem solving for executive management. – H.M.Wagner Operations research is an aid for the executive in making thesedecisions by providing him with the needed quantitative informationbased on the scientific method of analysis. The mission of OperationsResearch is to serve the entire Operations Research (OR) community,including practitioners, researchers, educators, and students. OperationsResearch, as the flagship journal of our profession, strives to publishresults that are truly insightful. Each issue of Operations Researchattempts to provide a balance of well-written articles that span the widearray of creative activities in OR. Thus, the major criteria for acceptanceof a paper in Operations Research are that the paper is important tomore than a small subset of the OR community, contains importantinsights, and makes a substantial contribution to the field that will stand
 
the test of time. Operational research, also known as operationsresearch, is an interdisciplinary branch of applied mathematics andformal science that uses advanced analytical methods such asmathematical modelling, statistical analysis, and mathematicaloptimization to arrive at optimal or near-optimal solutions to complexdecision-making problems. It is often concerned with determining themaximum (of profit, performance, or yield) or minimum (of loss, risk, orcost) of some real-world objective. Originating in military efforts beforeWorld War II, its techniques have grown to concern problems in a varietyof industries. Operational research, also known as OR, is aninterdisciplinary branch of applied mathematics and formal science thatuses advanced analytical methods such as mathematical modelling,statistical analysis, and mathematical optimization to arrive at optimal ornear-optimal solutions to complex decision-making problems. It is oftenconcerned with determining the maximum (of profit, performance, oryield) or minimum (of loss, risk, or cost) of some real world objective.Originating in military efforts before World War II, its techniques havegrown to concern problems in a variety of industries.Operational research encompasses a wide range of problem-solvingtechniques and methods applied in the pursuit of improved decision-making and efficiency. Some of the tools used by operational researchersare statistics, optimization, probability theory, queuing theory, gametheory, graph theory, decision analysis, mathematical modelling andsimulation.Because of the computational nature of these fields, OR also has strongties to computer science. Operational researchers faced with a newproblem must determine which of these techniques are most appropriategiven the nature of the system, the goals for improvement, andconstraints on time and computing power.Work in operational research and management science may becharacterized as one of three categories:Fundamental or foundational work takes place in three mathematicaldisciplines: probability, optimization, and dynamical systems theory.Modelling work is concerned with the construction of models, analyzingthem mathematically, implementing them on computers, solving themusing software tools, and assessing their effectiveness with data. Thislevel is mainly instrumental, and driven mainly by statistics andeconometrics. Application work in operational research, like otherengineering and economics' disciplines, attempts to use models to makea practical impact on real-world problems.• The major sub disciplines in modern operational research, as identifiedby the journal Operations Research, are:• Computing and information technologies• Decision analysis• Environment, energy, and natural resources• Financial engineering• Manufacturing, service sciences, and supply chain management• Policy modelling and public sector work

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