Techniques Tools of Operation Research Definitions
Operation Research helps in the solution for optimizing a problem by the application of the principles and the different methods of science.
In this post, we will discuss some of the important Techniques and Tools of Operation Research.
These important basic short notes techniques Tools of Operation Research on will surely be helpful for your GATE Exam, ISRO, DRDO, and other competitive Exams.
- In Operation Research, Linear Programming Model is used to find a solution for optimizing a problem or objective.
- The objective may maximize or minimize a problem.
- Both Objective Function and Constraints must be expressed in linear expressions.
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Inventory Control Method
- Inventory model helps in optimizing problems related to the stock of goods like when to buy, how much to buy, how much to keep in stock etc.
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- When there is more than one goal, i.e., several objectives (a real-life situation).
- These several objectives have their own goals to complete.
- This type of model is totally based on the concept of probability.
- Indicates system ability and changes possible on modifying.
- This can’t be seen as an optimizing process.
- This model provides a balance between customers waiting for the time and service capability of the system.
- This model minimizes (studies) the cost of transporting a commodity from different sources to their destinations.
- The demand and supply are known, and this model develops an integral transportation schedule.
- A special case of Transportation problem.
- Deals with problems involving allocation of ‘n’ different facilities o ‘n’ different tasks.
- Its objective is to minimize cost or time of completing ‘n’ jobs by ‘n’ persons and maximize revenue and sales.
- This model is mostly used for planning.
- A special type of technique (a network of interconnected components) used for planning, management, and control of projects.
- In this type, a project is broken down into different components (activities, duration, time, etc.), each defined by completion time (start to finish) and a relationship.
- PERT (Program Evaluation and Review Technique) and CPM (Critical Path Method) are the two Network Analysis techniques developed in the 1950s.
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