itft - introduction to operations research
DESCRIPTION
Meaning of Operations Research, features, methodology, types, scope limitations, advantagesTRANSCRIPT
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1
Introduction toOperations Research
ITFT COLLEGE04/10/2023
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ITFT COLLEGE 2
CONTENT
•Meaning• Features• Scope
•Methodology• Role in Managerial Decision
• Techniques• Limitation
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ITFT COLLEGE 3
MEANING
04/10/2023
•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
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ITFT COLLEGE 4
FEATURES
Decision-Making
Scientific Approach
Inter-disciplinary Team Approach
System Approach
Use of Computers04/10/2023
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ITFT COLLEGE 5
SCOPE
Finance Budgeting and investments
Purchasing Procurement and
Exploration
Production Management
Marketing Management
Personal Management04/10/2023
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ITFT COLLEGE 6
SCOPE
Research and Development
National Planning and Budgeting
Defence Services
Agriculture and Irrigation
Education and Training04/10/2023
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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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