Nature & Significance Of Operations Research

2. NATURE & SIGNIFICANCE OF OPERATIONAL
RESEARCH

3.  Operations research came into existence when Frederick W
Taylor in 1885 emphasized the application of scientific analysis
to methods of production.
 Operations search is the systematic & method oriented study of
the
 basic structure
 Relationships
 Functions
of an organization.

4.  Systematic orientation
Operations research tries to identify all possible interaction in the
activities of organization & studies their impact.
 Interdisplinery team approach
OR is performed by a team of scientist drawn from different
facilities, statistics, economics, engineering, management, physics etc

5.  Scientific approach
It is a formalized process of reasoning where the problems
are defined & analyzed scientifically.
 Decision making
OR is a science which helps management to take better
decision.
 Optimization objective
It attempts to find the best and optimal solution to a problem
using OR techniques.

6.  Mathematical models & quantitative solution
OR use models build by quantitative measurement of
variables concerning a given problem & derives a quantitative
solution from the model.
 Bad answers to the problems
OR cannot give perfect solutions to the problem.
 Use of computers
It often requires a computer to solve the complex
mathematical methods.

7. AHANA S DARSAN