Mathematics & Statistics

Mathematics & Statistics – Explore the world of maths with our comprehensive coverage of research and resources. Your one-stop resource for maths and statistics study. We offer comprehensive Mathematics & Statistics articles to help you improve your math and stats skills, including Operation Research, LPP, Inventory, Network Analysis, Graph Theory, Sequence, Set Theory, Mathematical Induction, Business Statistics, Data, Information, Measure of Central Tendency, Measure of Variations, Classification, Tabulation of data, Time Series, Index Numbers, etc.

classification of modelling in operations research, quantitative techniques of operation research models, characteristics or features of a good model in operation research, approaches and phases of operation research in decision making
Mathpedia

Limitations of Operations Research in Decision Making

Lata Agarwal

O.R. techniques provide a solution only when all the elements related to a problem can be quantified. Factors that cannot be quantified find no place in O.R. models. […]

classification of modelling in operations research, quantitative techniques of operation research models, characteristics or features of a good model in operation research, approaches and phases of operation research in decision making
Mathpedia

Advantages of OR Approach in Decision-Making / Role (Importance) of OR in Decision-Making

Lata Agarwal

The advantages of OR study approach in business and management decision making may be classified as follows… […]

classification of modelling in operations research, quantitative techniques of operation research models, characteristics or features of a good model in operation research, approaches and phases of operation research in decision making
Mathpedia

Decision Theory / Decision Making in Operations Research

Lata Agarwal

The decisions are taken simply by common sense, judgment and expertise without using any mathematical or any other model in simple situations. […]

classification of modelling in operations research, quantitative techniques of operation research models, characteristics or features of a good model in operation research, approaches and phases of operation research in decision making
Mathpedia

Characteristics / Features of a Good Model in Operation Research

Lata Agarwal

It should express the relations and interrelations of action and reaction of cause and effect in operational situations. […]

classification of modelling in operations research, quantitative techniques of operation research models, characteristics or features of a good model in operation research, approaches and phases of operation research in decision making
Mathpedia

Advantages and Disadvantages of a Model in Operation Research

Lata Agarwal

Advantages and Disadvantages of Model in Operation Research are as follows: It describes a problem much more … […]

classification of modelling in operations research, quantitative techniques of operation research models, characteristics or features of a good model in operation research, approaches and phases of operation research in decision making
Mathpedia

General Methods for Solving ‘Operation Research’ Models

Lata Agarwal

Some mathematical models may be so complex that it is impossible to solve them by any of the available optimizations… […]

classification of modelling in operations research, quantitative techniques of operation research models, characteristics or features of a good model in operation research, approaches and phases of operation research in decision making
Mathpedia

Principles of Modelling in Operation Research

Lata Agarwal

There are ten principles of modelling in operation research. 1. Do not build up a complicated model when a simple one will suffice… […]

classification of modelling in operations research, quantitative techniques of operation research models, characteristics or features of a good model in operation research, approaches and phases of operation research in decision making
Mathpedia

Classification of Modelling in Operations Research

Lata Agarwal

Models can also be classified by the purpose of their utility. The purpose of a model may be descriptive predictive or prescriptive… […]

classification of modelling in operations research, quantitative techniques of operation research models, characteristics or features of a good model in operation research, approaches and phases of operation research in decision making
Mathpedia

What is Model in Operation Research?

Lata Agarwal

What is Model in Operation Research – A model in the sense used in OR is defined as a representation of an actual object or situation. It shows the relationships… […]

relationship between the manager and OR specialist
Mathpedia

Relationship between the Manager and O.R. Specialist

Lata Agarwal

The role of the O.R. (Operation Research) specialist is to help the manager make better decisions. The following figure explains… […]