Post on 07-Apr-2018
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Submittedto:Ms.Surbhi
Submitted by:Sakshi ChakervartyandRicha tiwari
BBM Sem IIISec B
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Introduction
The term Operation Research refers to the
application of scientific analysis to thedecision making process.
For example: problems arising in militaryplanning,industrial management,economic
analysis and the formulation of public policy.
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Definition given by famous scholars
O.R. is a scientific method of providingexecutive departments with a quantitativebasis for decisions regarding the operationsunder their control.-Morse & Kimble
O.R. is the systematic application ofquantitative methods, techniques and tools tothe analysis of problems involving theoperation of systems.-Daellenback andGeorge
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Characteristics of O.R.
Inter-disciplinary team approach: Accordingto this characteristic O.R. is done by a teamof scientists drawn from various disciplinessuch asmathematics,statistics,economics,engineering,physics etc.
Use of models: In operation research,various models are constructed for solving aproblem.
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Systems approach: Operation research is a
system oriented. it is based on theobservation that in the organized systemsthe behavior of any part also effects the otherpart.
Helpful in locating the optimal solution: itattempts to locate the best or optimal solutionof the problem.
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Scientific method: O.R. employs scientific
methods for the purpose of solving complexproblems and achieving optimal results.
Based on optimization theory: O.R. tries tooptimize a well defined function subject to
given constraints.
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Techniques of O.R.
Linear programming
Game theory Waiting line or queuing theory
Simplex method
Inventory system Theory of probability
Decision theory
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Applications of O.R.
Invaluable in business
Invaluable in industries Essential in planning
Universal utility
In the transport sector In banks
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Limitations of O.R.
Practical operation: O.R. provides solution only whenall the elements related to a problem can be
quantified.
Costly operation: O.R. techniques are usually veryexpensive as they require services of specializedperson and computers.
Reliability of the proposed solution: Sometimes anon-linear relationship is changed to linear for fittingthe problem to L.P. pattern.
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The inherent limitations concerning
mathematical expression: O.R. techniquesare based on the use of mathematicalmodels, equations and similar otherexpressions.
Combining two or more objective function:The use of single objective function is oftenan insufficient basis for decision making.
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Internal resistance: The implementation of an
optimal decision may also face internalhindrances such as trade unions or individualmanagers etc.
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