Scope of Operation Research
In recent years of organized development, OR has entered successfully in many different areas of research. It is useful in the following various important fields
In agriculture
With the sudden increase of population and resulting shortage of food, every country is facing the problem of
- Optimum allocation of land to a variety of crops as per the climatic conditions
- Optimum distribution of water from numerous resources like canal for irrigation purposes
Hence there is a requirement of determining best policies under the given restrictions. Therefore a good quantity of work can be done in this direction.
In finance
In these recent times of economic crisis, it has become very essential for every government to do a careful planning for the economic progress of the country. OR techniques can be productively applied
- To determine the profit plan for the company
- To maximize the per capita income with least amount of resources
- To decide on the best replacement policies, etc
In industry
If the industry manager makes his policies simply on the basis of his past experience and a day approaches when he gets retirement, then a serious loss is encounter ahead of the industry. This heavy loss can be right away compensated through appointing a young specialist of OR techniques in business management. Thus OR is helpful for the industry director in deciding optimum distribution of several limited resources like men, machines, material, etc to reach at the optimum decision.
In marketing
With the assistance of OR techniques a marketing administrator can decide upon
- Where to allocate the products for sale so that the total cost of transportation is set to be minimum
- The minimum per unit sale price
- The size of the stock to come across with the future demand
- How to choose the best advertising media with respect to cost, time etc?
- How, when and what to buy at the minimum likely cost?
In personnel management
A personnel manager can utilize OR techniques
- To appoint the highly suitable person on minimum salary
- To know the best age of retirement for the employees
- To find out the number of persons appointed in full time basis when the workload is seasonal
In production management
A production manager can utilize OR techniques
- To calculate the number and size of the items to be produced
- In scheduling and sequencing the production machines
- In computing the optimum product mix
- To choose, locate and design the sites for the production plans
In L.I.C
OR approach is also applicable to facilitate the L.I.C offices to decide
- What should be the premium rates for a range of policies?
- How well the profits could be allocated in the cases of with profit policies?
Role of Operations Research in Decision-Making
The Operation Research may be considered as a tool which is employed to raise the efficiency of management decisions. OR is the objective complement to the subjective feeling of the administrator (decision maker). Scientific method of OR is used to comprehend and explain the phenomena of operating system.
The benefits of OR study approach in business and management decision making may be categorize as follows
Better control
The management of large concerns finds it much expensive to give continuous executive supervisions over routine decisions. An OR approach directs the executives to dedicate their concentration to more pressing matters. For instance, OR approach handles production scheduling and inventory control.
Better coordination
Sometimes OR has been very helpful in preserving the law and order situation out of disorder. For instance, an OR based planning model turns out to be a vehicle for coordinating marketing decisions with the restrictions forced on manufacturing capabilities.
Better system
OR study is also initiated to examine a particular problem of decision making like setting up a new warehouse. Later OR approach can be more developed into a system to be employed frequently. As a result the cost of undertaking the first application may get better profits.
Better decisions
OR models regularly give actions that do enhance an intuitive decision making. Sometimes a situation may be so complex that the human mind can never expect to assimilate all the significant factors without the aid of OR and computer analysis.
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