Operations research techniques their fields of specialized applications along with an overview of different techniques14/03/2023 1 By indiafreenotes
Operations research (OR) is a branch of mathematics that uses quantitative analysis, statistical models, and optimization techniques to solve complex problems and make data-driven decisions in various fields. OR techniques can be applied to a wide range of problems in industries such as manufacturing, transportation, healthcare, finance, and military operations. Here are some of the commonly used OR techniques and their fields of specialized applications:
- Linear Programming (LP): LP is a mathematical optimization technique used to optimize a linear objective function subject to linear equality and inequality constraints. It is widely used in production planning, transportation, inventory management, and resource allocation.
- Nonlinear Programming (NLP): NLP is used to optimize nonlinear objective functions subject to nonlinear constraints. It is used in a wide range of applications, including finance, engineering, and biology.
- Integer Programming (IP): IP is a variant of LP that is used when decision variables must take integer values. It is used in logistics, supply chain management, and project scheduling.
- Dynamic Programming (DP): DP is used to solve optimization problems with sequential decision-making over time. It is commonly used in finance, economics, and transportation planning.
- Queuing Theory: Queuing theory is used to model and analyze waiting lines or queues. It is used in transportation systems, healthcare, telecommunication networks, and service operations.
- Simulation: Simulation is a technique used to model complex systems and study their behavior under different scenarios. It is used in manufacturing, logistics, and military operations.
- Game Theory: Game theory is used to model strategic decision-making in situations where the outcome depends on the actions of multiple players. It is used in economics, political science, and military strategy.
- Decision Analysis: Decision analysis is used to model decision problems that involve uncertainty and risk. It is used in finance, healthcare, and engineering.
- Network Analysis: Network analysis is used to model and analyze complex systems of interconnected entities. It is used in transportation systems, telecommunication networks, and social networks.