Operation Research

OPERATION RESEARCH

Description also available in video format (attached below), for better experience use your desktop.

Introduction

·       Operation Research is the application of Analytical Methods that are designed to help the decision makers to choose between various courses of action available to accomplish specified objectives

·       In India it was founded in 1957

·       It provides an avenue to widen the horizon by the exchange of knowledge and application of techniques from outside the country

 

Scope

·     Finance

·     Budgeting

·     Investments

·     Purchasing

·     Exploration

·     Production Management

·     Marketing Management

·     Personal Management

Fields

·       Research & Development

·       National Budgeting

·       Defence Services

·       Agriculture & Irrigation

·       Education

·       Training

Applications

·       Management

o   Leadership

o   Decision making

o   Planning

o   Implementation

o   Monitoring & Evaluation

o   Information Regulation

·       Economic Support

o   Public sources of finance

o   Employers

o   Organized voluntary agencies

o   Local community efforts

o   Foreign aids

o   Private households

Objectives

·       To improve the quality of decision making

·       Identify the optimum solution

·       Integrating the systems

·       Improve the objectivity of analysis

·       Minimize the cost and maximize the profit

·       Improves the productivity

·       Development of more effective approaches

·       Success in competition and market

Process

·       Identification of program problem

·       Identification of possible reasons and solutions

·       Testing of potential solution

·       Result utilization

·       Result dissemination

Methods

·       Simulation Method

o   It gives the ability to conduct sensitive study to

§  Search for improvements

§  Test the improvement ideas

·       Optimization Method

o   Its goal is o enable the decision makers to identify and locate the very best choice

o   It is used where innumerable feasible choices are available and comparing them is difficult

·       Data Analysis Method

o   Its goal is to aid the decision-maker in detecting actual pattern and interconnections in the data set

o   This method is used for making solutions

 

Video Description

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