Hello Reader! You have read about Operations Research,solutions using O.R. this is quite new topic we are going to discuss. Let us start with its introduction:
Operations Research, in the most general view, is nothing but an application of the scientific methods, techniques and tools , to solve the problems involving the operations of a system so as to provide those in control of the operations with optimum solution to the problem.
Actually, Operations Research (O.R.) comes into existence whenever the resources were less and planning and scheduling were essential to utilize them efficiently and effectively.
There are many definitions of O.R., because of the wide scope of this subject giving a precise, proper definition is difficult. However, few definitions of O.R. are as below:
- O. R. is a scientific method of providing executive departments with a quantitative basis for decisions regarding the operations under their control.(Morse & Kimball)
- O. R. is a systematic study of the basic structure , characteristics, functions and relationship of an organization to provide the executive with a sound, scientific and quantitative basis for decision making.(E. L. Arnoff & M. J. Netzorg)
- O. R. is a Scientific approach to the problem solving for executive management. (H.M. Wagner)
Advantages of O.R.:
- Through models in O.R. the problem under consideration becomes controlled.
- It provides some logical & systematic approach to the respective problem.
- Indicates the limitations and scope of an activity.
- Helps in finding avenues for research & improvement in system.
- Provides economic description & explanation of operations of system they represent.
Applications of Operations Research:
Operations Research is quite useful and reliable problem solving tool in mathematics. It has many important and wide range applications in various fields including those with practical approach. Some of them are mentioned here, have a look towards its applications:
- Finance, budgeting and Investment
- Physical distribution
- Research & Development
There are various methods to solve a particular type of problem. Which we are going to discuss one-by-one. We initially talk about the Methods of solving Lpp problems then we’ll go further.
Methods of solving Lpp Problems:
Methods of solving Transportation Problems:
- North-west corner (NWC) Method
- Least Cost Method (Matrix Minima Method)
- Vogel’s Approximation Method (Penalty Method)
- Modification Distribution Method
Method of solving Assignment Problems:
- Hungarian Method
Learn in detail about the mentioned methods in next posts along with some essential terminology necessary to understand the topic.