Description

Operation Research is a relatively new discipline. The contents and the boundaries of the OR are not yet fixed. Therefore, to give a formal definition of the term Operations Research is a difficult task. The OR starts when mathematical and quantitative techniques are used to substantiate the decision being taken. The main activity of a manager is the decision making. In our daily life we make the decisions even without noticing them. The decisions are taken simply by common sense, judgment and expertise without using any mathematical or any other model in simple situations. But the decision we are concerned here with are complex and heavily responsible. Examples are public transportation network planning in a city having its own layout of factories, residential blocks or finding the appropriate product mix when there exists a large number of products with different profit contributions and production requirement etc.
Operations Research tools are not from any one discipline. Operations Research takes tools from different discipline such as mathematics, statistics, economics, psychology, engineering etc. and combines these tools to make a new set of knowledge for decision making. Today, O.R. became a professional discipline which deals with the application of scientific methods for making decision, and especially to the allocation of scarce resources. The main purpose of O.R. is to provide a rational basis for decisions making in the absence of complete information, because the systems composed of human, machine, and procedures may do not have complete information.
After the completion of the course the student will be able to
Module I examine the scope and applications of operations research in business and formulate linear programming models to solve industry problems.
Module II helps to practice mathematical models to allocation problems and analyse business scenarios
Module III understand decision making models for analysing business scenarios
Module IV helps to utilize various inventory models and scientific tools for business analysis
Module V apply network analysis and game theory of business scenarios
The objective of this course is to acquaint the students with the scope and applications of operations research in business and industry problems. This course exposes the students to the use of various scientific tools and models in OR for business analysis and better managerial decision making.