How operations Research is Applied in Industry/Business


Authors : Tahereem Bardi, Jason Lobo , Kavish Mehta , Keshav Holani , Leo Soni, Mahir Bajaj

Volume/Issue : Volume 2 - 2017, Issue 10 - October

Google Scholar : https://goo.gl/DF9R4u

Scribd : https://goo.gl/LkBuiX

Thomson Reuters ResearcherID : https://goo.gl/3bkzwv

Operations Research is the method of analysis and research by which management receives aid for their decisions. Operation Research involves application of the principles and the methods of science to strategize a way to deal with the problems that an industry/business faces.The subject of operation research was born during Second World War in U.K., and was used for military strategy. During World War II, a group of scientists, having representatives from mathematics, statistics, physical and social sciences were entrusted to the study of various military operations. This team was very success¬ful and greatly contributed to the meticulous handling of entire operation and related problems of the operation. The central objective of operations research is optimization, i.e., “to do things best under the given circumstances.” This general concept has great many applications, for instance, in agricultural planning, biotechnology, data analysis, distribution of goods and resources, emergency and rescue operations, engineering systems design, environmental management, financial planning, health care management, inventory control, manpower and resource allocation, manufacturing of goods, military operations, production process control, risk management, sequencing and scheduling of tasks, telecommunications, and traffic control.Although it is very clear that operation research never make decisions for the management, instead the method presents management with a careful scientific and quantitative analysis of problem so that the management will be in a better position to make sounder decisions. This paper highlights the relevance, themes, and methodological approaches in context to Operations Research in Business and Industry.

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