Here is a term paper on ‘Operations Research’ for class 11 and 12. Find paragraphs, long and short term papers on ‘Operations Research’ especially written for school and college students.
Term Paper on Operations Research
Term Paper Contents:
- Term Paper on the Definition of Operations Research
- Term Paper on the Features of Operations Research
- Term Paper on the Steps in Operations Research
- Term Paper on the Techniques of Operations Research
- Term Paper on the Advantages of Operations Research
- Term Paper on the Limitations of Operations Research
Term Paper # 1. Definition of Operations Research:
This has been defined as the scientific method of analysis of decision problems to provide the executive the needed quantitative information for making decisions. This provides the managers with a scientific basis for solving organisational problems involving the interaction of components of the organisation.
This facilitates executives to take correct and prompt decisions. Operations Research may be defined as the quantitative study of an organisation in action carried out in order to find ways in which it’s functioning can be imported. Prior to World War II this was used in technical problems and physical sciences. After the war these techniques were applied to decision making in business.
Term Paper # 2. Features of Operations Research:
The features of these techniques are:
(a) They are prescriptive in nature.
(b) The techniques look at the whole problem.
(c) This techniques makes use of a wide range of techniques. They based on quantitative data to develop mathematical model as the logical presentation of the problem.
(d) The techniques facilitate rapid evaluation by helping the management to know how a given process will respond to select changes in the factors.
(e) It facilitates in the development of alternatives.
(f) It makes use of new techniques.
(g) Its objective is to achieve optimum utilisation of resources.
(h) It is an inter-disciplinary approach to problem solving.
(i) The problems are dealt by a team.
(j) It studies the problem at actual working conditions.
Term Paper # 3. Steps in Operations Research:
The steps in Operations Research are:
(a) Specification or Definition of the problem,
(b) Development of the model. This is done with the help of data obtained from records. In case data is not available data is collected from experiments and surveys. They are analysed with the help of mathematical and statistical analysis.
(c) Testing the model is carried on in the context of various alternative models.
(d) Implementation of the plan is attempted to evaluate the validity of the solution.
Term Paper # 4. Techniques of Operations Research:
O.R. Techniques help problem solving by striking at the root of the problem.
They make use of number of technique in Operations Research. They are:
1. Linear programming
2. Quadratic and dynamic programming
3. Network methods
4. Q Theory
5. Stimulation
6. Correlation Theory
7. Probability
8. Inventory Theory
9. Game Theory
1. Linear Programming:
It is technique devised for determining the optimum combination of limited resources to achieve a given objective. It is based on the assumption that there exists a linear relationship between variables and that the limits of variation could be ascertained. It is particularly helpful where input data can be quantified and objectives are subject to definite measurement.
The technique is used in the following areas:
i. Allocation of work between various machines
ii. Location of warehouses.
iii. Developing Sales Policy
iv. Developing most profitable product-mix
v. Salary evaluation programme
vi. Analysis of investment procedure
vii. Market Research
viii. Make or Buy decisions
ix. Inventory strategy
x. Allocation of Advertisement budget
2. Quadratic and Dynamic Programming:
In reality a manager meets problems involving simultaneous changes in several variables. Quadratic programming is used to meet these problems. Dynamic programming is used to solve sequential problems.
The areas in which dynamic programming is used are capital budgeting. In production, replacement machine loading in job shops. Transportation scheduling to meet available demands. In production area when the demand for products vary and to maintain free flow of materials.
3. Network Methods:
This refers to a quantitative planning technique used for scheduling complex projects that contain interrelationships between activities or events. This method consists of representing a project which may involve thousands of separate jobs in the form of a diagram using arrow to specify jobs. The diagram depicts the sequence and interrelationships. This diagram facilitates the manager to know the time and cost involved in completion of the project. They make use of PERT and CPS.
4. Queuing Problems or Q Theory:
Other name waiting Line analysis.
This theory helps to find out the best feasible solution relating to intermittent demands for service facilities and to minimize costs by reducing waiting idle time. This technique focuses on the speed with which units or individuals come into a queen and the speed with which they can be processed.
This technique is used in the following areas landing of aero-planes, parking of cars, miming adequate number of toll booths, timing of traffic lights, processing of films etc.
5. Simulation:
This is a process of building, testing, and operating commercial world phenomena through the use of mathematical relationships that exist among critical factors.
The steps involved in a simulation exercise are:
(i) To define a problem
(ii) Construction of a simulation model.
(iii) Specify the values of the variables and the boundaries.
This is basically a technique which has a wide range of applications. This can be applied both inside and outside the factory. This is used in complicated waiting lines, arrangement of offices, physical distribution systems, alternate corporate strategies and product demand patterns.
In Monte Carlo method, random occurrences are inserted into the simulation model. This is used in distribution, transportation inventory management, new product decisions, and capital investment opportunities.
6. Correlation Theory:
This technique is used to evaluate relative importance of variables and to construct a mathematical expression explaining the movement in the series. This facilitates a forecast being made on future trends.
7. Theory of Probability:
It is a statistical measure of the chance a certain event or outcome will occur. It is a numerical measure of the likelihood of occurrence of some uncertain event or condition. Most business decision is surrounded by various types of risk and uncertainty. The use of this theory makes possible incorporation of such uncertainty in the decision-making process.
This is used in cost-volume-and-profit analysis under uncertainty used in quality control, accident prevention, personnel problems, replacement of equipment stores maintenance, warehousing and loading platforms.
8. Inventory Theory:
This theory is used in solving production and purchasing problems. This is used in ABC analysis. This analysis envisages varied degree of care and control for different categories of materials according to their value. It is also known as Always Better Control System.
Inventory theory is used for nature, rate of consumption, lead time and easy availability. This is also used in calculating Economic Order Quantity (EOQ). This is the point at which the cost of purchasing as well as the cost of holding will be the minimum.
9. Game Theory:
It is a deductive approach based on experience or the determination of the most profitable countermoves which will be made towards one’s best strategy and to derive the relevant defensive measures. A game is a competitive situation where two or more persons pursue their own interests and no one person can dictate the outcome. It may consist of a sequence of moves or of a single move on the part of each of its participants.
Here only single move games are considered. Strategy is defined as the specification of a particular move for one of the participants. Games are usually classified on the basis of number of participants and the outcome. The number of participants can be counted easily. The outcome is divided into zero-sum and non-zero sum games on the basis of competition.
This is used in studying group behaviour and in management training.
Term Paper # 5. Advantages of Operations Research:
The O.R. Techniques is helpful both in planning and in decision making. They provide relevant information for decision making and for dealing with organisation problems.
The strength of the techniques are:
(a) Enhances decision effectiveness in most situations.
(b) It provides a framework for handling complex problems.
(c) It promotes rationality.
(d) Less costly techniques.
Term Paper # 6. Limitations of Operations Research:
The limitations are:
(a) They do not fit many situations.
(b) They may not reflect reality.
(c) It raises overhead costs.
(d) They are given too much legitimacy.
A manager is to be careful in using the technique as he has to consider the strength and weaknesses of the techniques.