What is the Meaning of Operation Research? – We know that, Operations Research deals with problems concerning the best utilization of limited resources. It is the scientific study of operations for the purpose of making better decisions. It involves using mathematical models, statistics, and algorithms to solve complex problems and optimize processes in various industries. In simple terms, OR is like a toolkit that helps organizations figure out the best way to do things, whether it’s managing supply chains, scheduling flights, or planning production.
Operations Research deals with problem, formulation, solutions and finally appropriate decision making. It is most often used to analyze complex real life problems typically with the goal of improving or optimizing performance.
Meaning of Operation Research:
From the historical and philosophical summary just presented, it should be apparent that the term “operations research” has a number of quite distinct variations of meaning.
To some, OR is that certain body of problems, techniques, and solutions that have been accumulated under the name of OR over the past 30 years, and we apply OR when we recognize a problem of that certain genre.
To others, it is an activity or process-something we do, rather than know-which by its very nature is applied.
- Operation research is a systematic approach to determining the optimum (best) solution under the restriction of limited resources.
- It is also known as Management Science / Quantitative Business Analysis / Quantitative Methods / Decisions Science.
Here are a few key points to understand Operation Research:
- Optimization: OR focuses on finding the most efficient and effective solutions to problems. This could mean minimizing costs, maximizing profits, or improving efficiency. The solution is called the optimum solution to the problem.
- Mathematical Models: These are used to represent real-world problems in a mathematical form. By analyzing these models, OR professionals can predict outcomes and make better decisions.
- Data Analysis: OR relies heavily on data and statistical analysis to understand and solve problems.
- Applications: It is used in various fields such as logistics, manufacturing, finance, healthcare, and more.
For instance, an airline might use OR to determine the best schedule for flights to ensure that planes are used efficiently and that passengers experience minimal delays.
The main objective of Operation research is to find out the optimum or best solution for decision making kept in mind there is limited resources. Hence, the aim of Operation research is to provide a scientific basis to the decision makers for solving the problems involving the operations of system to give a solution which is in the best interest of the organization.
Sources –
- INFORMS (Institute for Operations Research and the Management Sciences): INFORMS is a professional society for practitioners in the field of operations research.
- MIT Sloan School of Management: They offer courses and explanations on operations research, emphasizing its role in improving decision-making through the use of mathematical models and analytical methods .
- Wikipedia: Provides a comprehensive overview of operations research, including its history, methods, and applications .
By using these tools and techniques, organizations can improve their decision-making processes and achieve better outcomes.
(Source – Various books of college library)
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