1. What are the applications of queuing theory?

What Is Queuing Theory?

Queuing theory is a branch of mathematics that studies how lines form, how
they function, and why they malfunction. Queuing theory examines every
component of waiting in line, including the arrival process, service process,
number of servers, number of system places, and the number of customers—
which might be people, data packets, cars, or anything else.

Queuing theory is powerful because the ubiquity of queue situations means

there are countless and diverse applications of queuing theory.   

Queuing theory has been applied, just to name a few, to:

 telecommunications
 transportation
 logistics
 finance
 emergency services
 computing
 industrial engineering
 project management

2.Scope and Application of Operations Research

Operation Research centrally focuses on simplifying complicated business

problems into well-defined mathematical constructs and works specifying
expected behaviour as well as goals. The key application of Operations
Research is that it facilitates decision making in those aspects of a business
where resource allocation is paramount, i.e. capital, labour, time and other
business resources. Given that it is rooted in computer science and analytics,
there is an immense scope of operation research in every business enterprise.

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

3.What are the application of operation research in business?

Operations research can be applied to a variety of use cases, including:
 Scheduling and time management.
 Urban and agricultural planning.
 Enterprise resource planning (ERP) and supply chain management
(SCM).
 Inventory management.
 Network optimization and engineering.
 Packet routing optimization.
 Risk management.
4. Game Theory: Assumptions, Application and Limitations

1. The number of players (competitors) in finite.

2. 2. All players act rationally and intelligently.
3. 3. Each player has a definite course of action.
4. 4. There is conflict of interest between the players.
5. 5. The rules of play are known to all the players.

Advantages of Operations Research

These mathematical techniques used in operations research help managers do their jobs more
effectively:

Maintaining Better Control

Managers use techniques of operations research to maintain better control over their
subordinates. This is possible because operations research provides a basis in which to
establish standards of performance and ways to measure productivity. Reporting deviations
from standards enables managers to identify problem areas and to take corrective action.

Better Decision Making

The mathematical models of operations research allow people to analyze a greater number of
alternatives and constraints than would usually be possible, if they were to use only an
intuitive approach. Using operations research, it is easier to analyze multiple alternatives,
which results in greater confidence in the optimal choice.

Better Coordination of Departments

Operations research analysis blends together the objectives of different departments. For
example, operations research coordinates the aims of the marketing department with the
schedules of the production department.

Increased Business Productivity

The mathematical formulas used in operations research can increase productivity, as they
offer a greater number of optimal choices of inventory mix, plant machine utilization, factory
size, manpower planning and implementing new technologies.