Operations Research

Por: Swayam . en: ,

Overview

Operations Research is a systematic approach of solving problems involving operations of a system by using scientific tools and techniques. It is a well-developed field with a sophisticated array of techniques that are routinely used to solve various real world problems. OR helps to make decisions better. It is regularly used in several areas such as inventory and supply chain management, marketing management, healthcare, telecommunication, finance, transportation, energy and so on. Active areas may also be at the intersection of these and many other disciplines. There are many advantages of studying O.R., such as improving decision making, better control, higher productivity, better coordination, etc. In business, very few things are certain, and managers must often make decision based on their instincts instead of being able to use reliable data. O.R. techniques fill this void with methods that quantify issues and give business managers a better basis for making decisions.

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