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Definition of Operations Research

Operations research is a scientific methodology that uses analytical, experimental, and quantitative methods to assess alternative courses of action and improve management decisions. It takes a holistic, interdisciplinary approach using mixed team methods and scientific models to optimize total output, such as maximizing profit or minimizing losses. The phases of operations research include formulating the problem, collecting data, constructing a mathematical model, deriving and testing solutions, implementing solutions, and establishing controls. Operations research models and applications include allocation, waiting line, game theory, inventory, replacement, job sequencing, network, simulation, and Markovian models as well as production, marketing, manpower, transportation, military, agriculture, facilities location, power generation, portfolio selection, financial strategy, airline

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408 views7 pages

Definition of Operations Research

Operations research is a scientific methodology that uses analytical, experimental, and quantitative methods to assess alternative courses of action and improve management decisions. It takes a holistic, interdisciplinary approach using mixed team methods and scientific models to optimize total output, such as maximizing profit or minimizing losses. The phases of operations research include formulating the problem, collecting data, constructing a mathematical model, deriving and testing solutions, implementing solutions, and establishing controls. Operations research models and applications include allocation, waiting line, game theory, inventory, replacement, job sequencing, network, simulation, and Markovian models as well as production, marketing, manpower, transportation, military, agriculture, facilities location, power generation, portfolio selection, financial strategy, airline

Uploaded by

josereddy
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

DEFINITION OF OPERATIONS RESEARCH

It is a scientific methodology analytical, experimental, quantitative by which, assessing the overall implications of various alternative courses of action in a management system, provides an improved basis for management decisions.

CHARACTERISTICS OF OR
Considers the holistic approach Uses mixed team methods Uses scientific methods Interdisciplinary team approach Tries to optimize the total output
Maximize profit Minimize losses

Emphasis on the overall approach to the system Gives bad answers to the problems where worse could by given Determines what factors influence and measure the factors It consists of studying an operation

PHASES/ PROCEDURE OF OR
Formulating the problem Collecting data Constructing a mathematical model to represent the system under study Deriving a solution from the model Testing the model & derived solution Establishing controls over the solution with any degree of satisfaction Putting the solution to work/ implementation

MODELS OF OR
Allocation (Distribution) models: LPP, TP and AP Waiting line models (Queuing) Game theory (Competitive strategy model) Inventory models (Production) Replacement models Job sequencing models Network models Simulation models Markovian models

APPLICATIONS/ SCOPE OF OR
Production management: Product mix, Assembly
line balancing, Production scheduling etc

Marketing

Effectiveness of advertising campaign, advertising media mix, travelling salesmen problems etc)

management:

Manpower management Transportation problems Assignment problems Military applications

APPLICATIONS/ SCOPE OF OR (Cont)


Agriculture applications Facilities location Hydel power generation Portfolio selection Financial mix strategy Airline routing Diet problems Environmental protection Urban development

BASIC REQUIREMENTS OF OR
Objective function must be well defined Must have alternative courses of actions to choose Should have constraints to some of the resources Function obtained must be in linear equation

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