This document provides an overview of operational research techniques. It defines operational research as a scientific approach to problem solving for management. It describes several types of models used in operational research, including iconic, analogue, deterministic, symbolic, combined, heuristic, and probabilistic models. It also discusses common approaches and the significance of operational research for areas like profit maximization, cost minimization, and resource allocation. Specific techniques are outlined, such as linear programming, game theory, queuing theory, and the simplex method. Finally, potential applications and limitations of operational research are mentioned.

1. INTERNATIONAL COLLEGE FOR GIRLS
Project on
Operational Research- I
BBM- 308
By:Anika Agarwal
BBM Sec-C
Sem- III
ICG/2009/8973

2. QUANTITATIVE TECHNIQUES
Operational Research

3. DEFINITION

Operation research is a scientific
approach to problems solving for
management.

‘Operation’ implies some action
applied to any area of interest and
‘Research’ means some organized
process of getting information about
the problem environment.

4. MODELS
ANALOGUE
DETERMINISTIC
ICONIC
PROBABILISTIC
SYMBOLIC
COMBINED
HEURISTIC

5. 
ICONIC (PHYSICAL) MODEL
- Pictorial representation
- Look like real thing
- Concrete, special, easily under stable
- Ex. toy aero plane, photograph, globe etc.

ANALOGUE (SCHEMATIC) MODEL
- No look alike aspect
- Properties are used to represent
- Ex. map, organizational chart.

DETERMINISTIC MODEL
- All parameters are fixed
- Ex. linear programming model.

6. 
SYMBOLIC (MATHEMATICAL) MODEL
- Mathematical symbols and functions are used
- Abstract and more useful
- Communication is clearer

COMBINED ANALOGUE AND MATHEMATICAL MODEL
- Use of mathematical models

HEURISTIC MODEL
- Use rules and guidelines
- Solve problems on basis of past experience
- Creativity and experience

PROBABILISTIC MODEL
- Used in situations where consequences cannot be predicted
- Also known as- stochastic or chance models
- Ex  waiting lines

7. APPROACHES

METHODICAL APPROACH
- Based on scientific methods, principles,
tools, techniques for solving a problem
- Obtaining optimal results
- Systematic method

OBJECTIVE APPROACH
- Ensures desirability for the organization profitability

WHOLISTIC APPROACH
- Every aspect of the problem is studied.

8. SIGNIFICANCE

Provides solution for various business problems 
- Profit maximization
- Cost minimization

Helps in planning
- Depends on demands
- Develop scientific basis

Provides help in optimum resource allocation
- Allocates resources
- Adopted by modern managements

9. GAME
THEORY
WAITING
LINE
LINEAR
PROGRAMMING
TECHNIQUES
RATIO
METHOD
SIMPLEX
METHOD

10. 
LINEAR PROGRAMMING
- Mathematical device
- Optimum use of resources
- Enhance the profitability
- Important techniques for optimization

GAME THEORY
- Develop during world war II by Jon
Von Newmann
- Two competitors, two opponents
- Efforts are put up
- Maximize the profits and minimize the
loses

11. 
WAITING LINE OR QUEING THEORY
- Most difficult to apply
- Minimizes the waiting time
- Reduces the total cost of time
- Ex  grocery stores, medicine stores, railway stations, banks,
cinema halls.

SIMPLEX METHOD
- Used to find the optimum solution of business problems
- Ex  industries, banks, financial institutions.
- Also known as ‘iterative method’  maximum or minimum
value of objective function will be arrived through repetitive
drawls of ‘simplex tables’.

RATIO METHOD OF ANALYSIS
- Obtained by dividing one number into another
- Used by management for planning, organizing, controlling,
coordination
- Accurate and used effectively.

12. APPLICATIONS
BUSINESS
INDUSTRIES
PLANNING
BANKS
MEDICAL
MINING
AGRICULTURE

13. LIMITATIONS
PRACTICAL
APPLICATION
COSTLY
OPERATION
INTERNAL
RESISTANCE
COMBINING TWO
OR MORE
FUNCTIONS

14. THANK YOU