In this post, we will discuss some of the important Techniques and Tools of Operation Research.
Operation Research helps in the solution for optimizing a problem by the application of the principles and the different methods of science.
- 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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