What is the concept of Operations Research ? "Operations Research (OR) is useful only if applied with Information Technology". Comment
Operations Research (OR) is a multidisciplinary field of study that combines mathematics, engineering, economics, and computer science to solve complex decision-making problems in various domains. It is often referred to as the science of better decision-making. The primary goal of Operations Research is to optimize and improve decision-making processes by utilizing mathematical models, statistical analysis, and computational techniques.
The concept of Operations Research revolves around the systematic approach to problem-solving and decision-making. It typically involves the following key steps:
1. Problem Formulation: Identifying and defining the problem that needs to be solved. This includes specifying the objectives, constraints, and decision variables.
2. Model Development: Creating a mathematical or computational model that represents the problem accurately. This model is designed to capture the essential elements of the real-world system under consideration.
3. Data Collection: Gathering relevant data to parameterize the model. High-quality data is crucial for accurate analysis and decision-making.
4. Analysis and Solution: Applying mathematical and computational techniques to the model to find optimal or near-optimal solutions. This may involve linear programming, integer programming, simulation, network analysis, and other methods.
5. Implementation: Translating the solutions obtained from the model into actionable decisions or recommendations that can
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Subordinates differ-in efficiency and tasks differ in their intrinsic difficulty. His estimate of time each man would take to perform each task is given in the matrix below :
TASKS SUBORDINATE 1 2 3 4
A
8
26
17
11
B
13
28
14
26
C
38
19
18
15
D
19
26
24
10
How should the tasks be allotted, one to a man, so as to minimize the total manhours
Goal programming
Degeneracy in LP problem
Dynamic programming
Dual of an LPP
A manufacturer requires 15000 units of a part annually for assembly. Manufacturer can produce this at the rate of 100 per day. Set up cost for each production run is Rs. 24/- . to hold one unit of this part in inventory will cost Rs. 5/- per year. Determine the optimum manufacturing quantity and the optimum number of production run in any year.