ITFT - Introduction to operations research

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Introduction toOperations Research

ITFT COLLEGE04/10/2023

ITFT COLLEGE 2

CONTENT

•Meaning• Features• Scope

•Methodology• Role in Managerial Decision

• Techniques• Limitation

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ITFT COLLEGE 3

MEANING

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•Application of scientific methods, techniques and tools to problem

•Involving the operation of a system

•To provide those in control of the system

•With optimum solution to the problem

ITFT COLLEGE 4

FEATURES

Decision-Making

Scientific Approach

Inter-disciplinary Team Approach

System Approach

Use of Computers04/10/2023

ITFT COLLEGE 5

SCOPE

Finance Budgeting and investments

Purchasing Procurement and

Exploration

Production Management

Marketing Management

Personal Management04/10/2023

ITFT COLLEGE 6

SCOPE

Research and Development

National Planning and Budgeting

Defence Services

Agriculture and Irrigation

Education and Training04/10/2023

ITFT COLLEGE 7

METHODOLOGYProblem

Formulation

Constructing a Mathematical

Model

Deriving Solutions from

the Model

Testing the model

Establishing controls over the solution

Implementing the Solution

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ITFT COLLEGE 8

Better

Control

Better Co-ordination

Better Decisions Bette

r Syste

msRole in

Managerial Decision Making

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ITFT COLLEGE 9

TECHNIQUES OF OPERATIONS RESEARCH

Linear Programming Queuing Theory Inventory

Control Model

Network Analysis

Replacement Problem

Dynamic Problem

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ITFT COLLEGE 10

TECHNIQUES OF OPERATIONS RESEARCH

Sequencing Assignment Problem

Transportation Problem

Decision Theory Game Theory Simulation

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ITFT COLLEGE 11

LIMITATIONS

Magnitude of computation

Absence of Quantification

Distance between Managers and

Operation Research

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