Krishna A

Naykar
R19MB087
TWO APPLICATIONS OF THE FIELD OF OPERATIONS RESEARCH.
1 : OPERATIONS RESEARCH IN THE FIELD OF FINANCE AND ACCOUNTING
Financial decisions are made going for maximum profit with minimum risk calculate.
Operations Research (OR) techniques assume a vital part in dissecting the finance
problems, for example, value, obligation, foreign exchange markets, design
securities, market directions, chance assessment and control, control of capital
stores, devise estimating conditions and examining market data. These issues have
muddled collaborations between parts or include a huge arrangement of segments
or choices. OR techniques are prepared to figure such issues as mathematical
problems and give a doable answer for such issues. Finance problems are
numerical, with very much characterized limits and destinations, having clear and
stable connection amongst factors and bolster accessibility of precise information, in
this way reasonable for the use of OR techniques. Financial problems more often
than not include huge entireties of cash; along these lines even a little change in the
nature of arrangement is helpful. Programming Techniques of the sorts like Linear,
Quadratic, Non-Linear, Integer, Goal, and Dynamic Programming are for the most
part utilized. Among these techniques, Monte Carlo Simulation is most generally
utilized. Some different OR techniques like Network models, Markov Chains and
Game Theory are likewise proposed however less normally utilized for the reason.
While generally imperative OR techniques like Queuing Theory and PERT-CPM
have not been connected to financial market up until this point. This review goes for
examining the part of OR techniques to financial basic leadership with a unique
concentrate on some regular sorts of choice issues in financial markets and the
appropriate OR techniques which can be utilized for them.

2 : OPERATIONS RESEARCH IN THE FIELD OF DECISSION MAKING PROCESS IN

ORGANASATION
Operations research analysts are involved in all aspects of an organization. They
help managers decide how to allocate resources, develop production schedules,
manage the supply chain, and set prices. For example, they may help decide how
to organize products in supermarkets or help companies figure out the most
effective way to ship and distribute products.
Operations research analysts use sophisticated computer software, such as
databases and statistical programs, and modelling packages, to analyse and solve
problems. Analysts break down problems into their various parts and analyse the
effect that different changes and circumstances would have on each of these parts.
For example, to help an airline schedule flights and decide what to charge for
tickets, analysts may take into account the cities that have to be connected, the
amount of fuel required to fly those routes, the expected number of passengers,
pilots’ schedules, maintenance costs, and fuel prices.