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What is Operations?
6
Operations Research & Management?
❑ Characteristics:
⮚ Use of Scientific Methods
⮚ Provide quantitative basis for decision making
⮚ Requires Construction of Model
⮚ Interdisciplinary Team work
⮚ Require the use of Computer applications
Scope of
Operations Research
&Management
❑ Operations Research:
⮚ Linear programming:
Linear Programming is a mathematical techniques which is concerned with
the efficient allocation of limited resources to achieve the desired objectives.
⮚ Decision Analysis:
Bringing efficiency in decision-making especially when uncertainty and risk
is involved is a major area of operational research. We will study Decision
Tree with EMV approach to arrive at an optimal decision in the case of risk
and uncertainty.
❑ Operations Management:
⮚ Inventory Management:
Managing the Raw Material Inventory as well as finished goods inventory
is a major decision of business operations. We will study some models and
mathematical techniques to effectively manage the inventory to increase
productivity and control cost.