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### or intro.pptx

1. Introduction to OR
2. Introduction Operational Research is a systematic and analytical approach to decision making and problem solving. O.R. is an Branch of applied mathematics that uses techniques and statistics to arrive at Optimal solutions to solve complex problems. It is typically concerned with determining the maximum profit, sale, output, crops yield and efficiency And minimum losses, risks, cost, and time of some objective function. Some of the PRIMARY TOOLS used by operation researchers are- STATISTICS GAME THEORY PROBABILITY THEORY, etc.
3. What is Operations Research Operations Research is the application of analytical methods designed to help the decision makers choose between various courses of action available to accomplish specified objectives • Thus, the nature of operations research is purely scientific as it aims at determining the systematic behaviour and hence optimizing the results. • The scope and applications of operations research empower decision- making in those business aspects where there is a larger concern of allocation of scarce resources especially like capital, investment, labour, etc.
4. Characteristics of Operations Research  Optimization : The objective of Operations Research is to provide better performance in any given situation. The process of doing this involves a lot of data collection and analysis of possible outcomes. The process of optimization involves a critical analysis of all the available options and selecting the highly relevant ones.  Simulation: Before you move on with selected options or methods to improve the overall result, you must be sure that the selected method is going to be beneficial. This part is ensured by the process of simulation.  Probability and Statistics: Mathematical algorithms are the best way to evaluate potential risks and predict the possible outcomes beforehand. Thus, Operation Research involves intensive use of statistical and mathematical approach to cover all the circumstances.
5. Phases of Operation Research  There are three phases in an operation research study – 1. Judgement phase: 1. Determining the operation and objectives 2. It also includes determining the effectiveness of different steps, the type of problem, its origin and the causes behind it. 2. Research phase: 1. Formulating the hypothesis and models 2. Next step is analyzing the information collected and verifying the hypothesis. 3. The last step in this phase is the production and generation of results and considering all the other alternatives. 3. Action phase: 1. Giving recommendations for the solution to the problem including the assumptions, scope, limitations and other alternatives. 2. Lastly, the solution has to be put to work.
6. Where is Operation Research Used? Stream Problems Research and Development i. Areas of concentration for R&D ii. Reliability and alternate decisions iii. Determination of time-cost trade-off and control of development projects Personnel Management i. Mixes of age and skills ii. Recruiting policies iii. Job assignments Production Management i. Physical distribution: Location and size of warehouses, distribution centers and retail outlets, distribution policies. ii. ii. Facilities Planning: Number and location of factories, warehouses etc. Loading and unloading facilities. iii. Manufacturing: Production scheduling and sequencing stabilization of production, employment, layoffs, and optimum product mix iv. Maintenance policies, crew size v. Project scheduling and allocation of resources Purchasing i. Buying policies, varying prices, ii. Determination of quantities and timing of purchases, iii. Bidding policies iv. Replacement policies v. Exploitation of new material resources Finance and Banking i. Product selection, competitive actions, ii. Number of salesmen, frequencies of calling on iii. Advertising strategies with respect to cost and time
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