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  • OR Is The Application of Scientific Methods, Tools and Techniques To Operations of Systems With Optimal Solution To The Problem

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    OR is the application of scientific methods and tools to optimize systems and solve problems. It is important because modern management problems are complex, quantitative models exist, and high-speed computers are available. OR uses a systems approach, is interdisciplinary, and is methodological. It involves formulating the problem, constructing a mathematical model, deriving and testing solutions, and implementing the model. Common techniques include linear programming, network analysis, inventory control, queuing theory, sequencing, game theory, and simulations. Limitations are computational magnitude, quantification challenges, and time and money constraints.

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    OR Basics

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    OR is the application of scientific methods and tools to optimize systems and solve problems. It is important because modern management problems are complex, quantitative models exist, and high-speed computers are available. OR uses a systems approach, is interdisciplinary, and is methodological. It involves formulating the problem, constructing a mathematical model, deriving and testing solutions, and implementing the model. Common techniques include linear programming, network analysis, inventory control, queuing theory, sequencing, game theory, and simulations. Limitations are computational magnitude, quantification challenges, and time and money constraints.

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    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
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    6 views6 pages

    OR Is The Application of Scientific Methods, Tools and Techniques To Operations of Systems With Optimal Solution To The Problem

    Uploaded by

    saurabh383
    OR is the application of scientific methods and tools to optimize systems and solve problems. It is important because modern management problems are complex, quantitative models exist, and high-speed computers are available. OR uses a systems approach, is interdisciplinary, and is methodological. It involves formulating the problem, constructing a mathematical model, deriving and testing solutions, and implementing the model. Common techniques include linear programming, network analysis, inventory control, queuing theory, sequencing, game theory, and simulations. Limitations are computational magnitude, quantification challenges, and time and money constraints.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as ppt, pdf, or txt
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    Definition

    OR is the application of scientific


    methods, tools and techniques to
    operations of systems with optimal
    solution to the problem.
    Factors for its Importance
    • 1. Decision problems of modern
    management are complex.

    • 2. Availability of different types of


    Quantitative Models.

    • 3. Availability of high speed computers.


    Characteristics
    • Systems Approach

    • Interdisciplinary Approach

    • Methodological Approach
    Methodology
    • Formulation of the Problem.
    • Constructing a Mathematical Model.
    • Deriving Solutions from Model.
    • Testing the Model.
    • Implementing the Model.
    Techniques
    • Linear Programming
    • Network Analysis
    • Inventory control Models
    • Queuing theory
    • Sequencing
    • Game Theory
    • Simulations
    Limitations
    • Magnitude of Computation

    • Quantification

    • Time & Money Considerations

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