Application of Operations Research in Steel Industry


Authors : Ishika Sheth; Garvit Chhabra; Gaurav Agarwal; Harsh Raka; Iccha Saraf

Volume/Issue : Volume 6 - 2021, Issue 10 - October

Google Scholar : http://bitly.ws/gu88

Scribd : https://bit.ly/3vuGv7c

In this paper, we have discussed the use of Operations Research in the steel industry and how they are used to tackle the production process problems, cost minimization problems, and transportation problems. Operations research has been used for decades to optimize business models and processes. The estimated demand for steel has risen by 7.2% in the year 2020 and experts see incessant growth for the Indian economy. Domestic manufacturers will intensively require to optimize their production process to keep up with the demand. Based on mathematical and statistical calculations, the paper aims to optimize the logical and systematic processes and approaches in one of the fastest-growing industries in India.

Keywords : Operations Research, Steel Industry, Simplex Method, Transportation by VAM, Optimizing, Queuing Theory, Just-in-Time Management.

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