After reading this article you will learn about:- 1. History of Operations Research 2. Definition and Concept of Operations Research 3. Methodology 4. Applications. History of Operations Research: Historically, the term Operations Research originated during Second World War when U.S.A. and Great Britain's Armed Forces sought the assistance of Scientists to solve complex and very difficult strategical and tactical problems [...]
Various techniques used in Operations Research to solve optimisation problems are as follows: 1. Linear Programming 2. Waiting Line or Queuing Theory 3. Goal Programming 4. Sensitivity Analysis 5. Dynamic Programming 6. Nonlinear Programming. Technique # 1. Linear Programming: Linear programming is one of the classical Operations Research techniques. It had its early use for military applications but presently it [...]
Decisions may be of different types. Some of the important types of managerial decisions are explained as follows:- 1. Programmed and Non-Programmed Decisions 2. Major and Minor Decisions 3. Routine and Strategic Decisions 4. Organizational and Personal Decisions 5. Individual and Group Decisions 6. Policy and Operation Decisions and 7. Long-Term Departmental and Non-Economic Decisions. Type # 1. Programmed and [...]