Scope of operations research, Operation Research

Assignment Help:

Scope of the OR techniques can be derived in followings various importance fields:

1. In Agriculture : With the explosion of population and consequent shortage of food OR is very useful in sorting out problems.

a. The problem of optimum allocation of land in various crops in accordance with the climatic conditions.

b. The problem of optimum distribution of water from various resources fertilizers new techniques and capabilities.

2. In Finance: In these modern times of economic crisis it has become very necessary for every government to have a careful planning using the OR techniques applied to

a. Maximize the per capita income with minimum resources.

b. Find out the profit plan for the company.

c. Determine the best replacement policies.

3. In Industry: If the industry manager decides his polities only on the basis of his past experiences he may not lead the organization in a positive manner and the organization will suffer heavy losses. These losses can be compensated by suing OR techniques in business management which formulates total production schedule optimum utilization of resources available.

4. In Marketing : With the help of OR techniques a marketing manager can decide.

a. Where to distribute the product sale so that the total carriage inwards and outwards cost will be minimized.

b. Minimum per unit sale price.

c. Size of the stock to meet the future demand.

d. Selection of advertising media with respect to time cost efforts results etc.

e. Purchasing criteria at minimum possible cost.

5. In Personnel management: A Personnel manager can use OR techniques

a. To appoint the most suitable persons on appropriate salary.

b. To determine the best age of retirement.

c. To find out the number of persons to be appointed on full time basis depending upon the nature of the work load.

6. In Production Management: A production manager can use OR Techniques.

a. To find the number and the size of the items to be produced.

b. In scheduling g and sequencing the production run y proper allocation of machines.

c. In calculating the optimum product mix.

d. To select locate and design production plans.

7. In Insurance Sector: OR approach is also applicable in insurance sector to decide.

a. What should be the premium rates for various modes of policies,

b. How best the profits could be distributed in the case of profits generation.


Related Discussions:- Scope of operations research

#titleAssignment Problem.., Six Operators are to be assigned to five jobs w...

Six Operators are to be assigned to five jobs with the cost of assignment in Rs. given in the matrix below. Determine the optimal assignment. Which operator will have no assignment

Cpm/pert, how to make an attractive assignment

how to make an attractive assignment

LPP, A paper mill produces two grades of paper viz., X and Y. Because of ra...

A paper mill produces two grades of paper viz., X and Y. Because of raw material restrictions, it cannot produce more than 400 tons of grade X paper and 300 tons of grade Y paper i

HOMEWORK, A company uses 4 pounds of resource 1 to make each unit of X1 and...

A company uses 4 pounds of resource 1 to make each unit of X1 and 3 pounds of resource 1 to make each unit of X2. There are only 150 pounds of resource 1 available. Which of the fo

Calculation of standard deviation - discrete series, Calculation  of Stand...

Calculation  of Standard Deviation - Discrete Series   There are three methods for  calculating  standard  deviation  in discrete series": a. Actual Mean Methods: It inc

Rank methods spearman s, Rank Methods Spearman s When the variables  u...

Rank Methods Spearman s When the variables  under  consideration are  not capable  of quantitative  measurement but can  be arranged  in serial  order( ranks) we find  correla

Assumption of f- test- hypothesis testing, Assumption of F- Test The  ...

Assumption of F- Test The  theoretical assumption on which  F test  is based are: 1.The populations for  each sample must  be normally  distributed  with  identical  mean

Linear Programming, b. A paper mill produces two grades of paper viz., X an...

b. A paper mill produces two grades of paper viz., X and Y. Because of raw material restrictions, it cannot produce more than 400 tons of grade X paper and 300 tons of grade Y pape

LPP, USE SIMPLE METHOD TO SOLVE THE FOLLOWING LPP MAXIMISE Z=4X1+10X2 SUBJE...

USE SIMPLE METHOD TO SOLVE THE FOLLOWING LPP MAXIMISE Z=4X1+10X2 SUBJECT TO CONSTRAINS, 2X1+X2 2X1+5X2 2X1+3X2 X1, X2>0

Find out where you should now invest your money, Question : Suppose tha...

Question : Suppose that you want to invest $10000 in the stock market by buying shares in one of two companies: A and B. Shares in Company A are risky but could yield a 50% ret

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd