Characteristics of OR (Features)

The essential characteristics of OR are

1.      Inter-disciplinary team approach - The highly optimized solution is found by a group of scientists who are selected from diverse disciplines.

2.      To maximize the total output - It attempts to maximize by maximizing the profit and minimizing the loss.

3.      Imperfectness of solutions - Enhances the quality of solution.

4.      Use of scientific research - It makes use of scientific research to arrive at a optimum solution.

5.      Wholistic approach to the system - OR takes all significant related factors and finds the best optimum solution for the total organization.

 Management Applications of OR

Some areas of applications are

• Finance, Investment and Budgeting

§  Credit policies, account procedures

§  Cash flow analysis, investment portfolios

• Production management

§  Physical distribution

§  Manufacturing

§  Maintenance and project scheduling

§  Facilities planning

• Research and development

§  Project selection

§  Reliability and alternative design

§  Determination of area of research and development

• Marketing

§  Product selection, timing

§  Advertising, number of salesman

• Purchasing, Procurement and Exploration

§  Quantities and timing of purchase

§  Rules for buying, supplies

§  Replacement policies

• Personnel management

§  Mixes of age and skills

§  Selection of suitable personnel on minimum salary 

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