Business Statistics & Statistics
Objectives of Statistics
To plan the process and the extent of sampling so that the observations can be used to draw valid conclusions. […]
Archive
Business Statistics & Statistics
Purpose of Statistics
Statistics supports in the presentation of complex data in a clear and understandable tabular, diagrammatic, and graphic format. […]
Business Statistics & Statistics
Definition of Statistics
Statistics is a branch of mathematics that deals with the collection, analysis, interpretation, and presentation of numerical data. […]
Business Statistics & Statistics
Meaning of Statistics
Meaning of Statistics – There are two meanings of “statistics”, i.e., the term “statistics” is employed in two senses: first in plural … […]
Mathpedia
Tools and Techniques of Operation Research
Tools and Techniques of Operation Research: Some of the important tools and techniques used in Operation Research are as follows: Linear Programming: In OR, Linear programming is used to find a solution for optimising a […]
Mathpedia
Quantitative Techniques / Brief Outlines of Operation Research Models
Some of important models or techniques used in OR are as follows: Allocation (Distribution) Models: The resources or facilities are… […]
Mathpedia
Scientific Method for making decisions in Operation Research
The scientific method in Operation Research for making decisions generally involves the following phases – Judgment Phase… […]
Mathpedia
Approaches / Phases / Methodology / Stages of Development of Operation Research
Before proceeding to find the solution to a problem, first of all, one must be able to formulate the problem in the form of an … […]
Operation Research
Advantages and Disadvantages of Operation Research
Advantages & Disadvantages of Operation Research: Operations Research also has certain limitations. These limitations are mostly related to the model building and money and time factors … […]
Mathpedia
Applications of Operation Research in Management
Some areas of management decision making, where the tools and techniques of OR have been successfully utilized are… […]