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Chapter 1 operations research (2)

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Chapter 1 operations research (2)

  1. 1. INTRODUCTION TO OPERATIONS RESEARCH
  2. 2. INTRODUCTION “Operations research is the application of scientific methods, techniques and tools to problems involving the operations of a system so as to provide those in control of the system with optimum solution to the problem” C.W Churchman O.R is the art of finding bad answers where worse exist.
  3. 3. Meaning and History  In order to understand ‘What operations research is today' we must know something its history.  HISTORY:-The main origin of OR was during the SecondWorld-War . At that time the military management in England called upon a team of scientists to study the strategic and tactical problems related to air and land defence of the country. since they were having very limited military resources, it was necessary to decide upon the most effective utilisation of them. The OR teams were not actually engaged in military operations and in fighting theWar. But , they were only advisors and significantly instrumental in winning the war.The work of this team of scientist was named as OPERATIONAL RESEARCH in England. Hence OR can be associated with “an art of winning the war without actually fighting it”  The first mathematical technique was developed in 1947 by American Mathematician, George B. Dantzig.
  4. 4. Operations research in INDIA  OR came into existence in India in 1949, Regional research laboratory, Hyderabad.  In INDIA OR society founded in 1959, , also became a member of international Federation of OR societies in 1959.The Journal OPSEARCH was published for the first time in 1963.
  5. 5. APPLICATION OF O.R IN THE FIELD OF ACCOUNTING, FINANCE AND MARKETING  ACCOUNTING: 1. Cash flow , fund flow planning 2. Credit policy analysis 3. Claim and complaint procedure  FINANCE:- 1. Dividend policy decision 2. Investment decision 3. Portfolio analysis  Marketing:- 1. Advertising budget allocation 2. Product introduction timing 3. Selection of product mix 4. Customers' preferences
  6. 6. METHODOLOGY  Observe the problem environment  Analysis and defining the problem  Developing a model  Collecting data required by the model  Coming up with a solution  Qualifying the models and solution  Implement the solution
  7. 7. ADVANTAGES  Diagnose the problem  Select the alternative course of action  Determine the model to be used  Evaluation of various alternatives  Selecting the best and optimal alternative.
  8. 8. LIMITATIONS  Magnitude of Computations  Non- quantifiable factors  Gap between manager and operations researcher
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