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Introduction of operation_research

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Application of Operation Research
in Fashion Industry
OR Assignment 1
Introduction
Submied by
Ratnesh Kumar Mishra
MFM Sem-II
Ni Patna
Submied to
Prof. Kishlay Kashyap
FMS
Ni Patna

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          




 
 
! 
"
 #!        $  
%&
 %
'(

)!*
)!
+
''
,-$.
'/!
OR Functions and Methods!!
     $     
01


Simulation methods:          
#!         021  
031!

Optimization methods: !
&%
             
4
5
Data-analysis methods: #!
#

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Application of Operation Research in Fashion Industry OR Assignment 1 Introduction Operation Research represents the study of optimal resource allocation. The fashion industry is very complicated. It is made up of the following industries: Fibre and fabric industry, Garments industry Retail industry OR addresses a wide variety of issues of above industries in transportation, inventory planning, production planning, communication operations, computer operations, financial assets, risk management, revenue management, and many other fields where improving business productivity is paramount. OR reflects an analytical method of problem solving and decision-making that is useful in the management of organizations of fashion industry. OR improves the effectiveness and the efficiency of an institution, hence some of the benefits offered by OR include: Decrease Cost or Investment Increase Revenue or Return on Investment Increase Market Share Manage and Reduce Risk Improve Quality Increase Throughput while Decreasing Delays Achieve Improved Utilization form Limited Resources Demonstrate Feasibility and Workability OR Functions and Methods: OR supports the key decision making process, allows to solve urgent problems, can be utilized to design improved multistep operations (processes), setup policies, supports the planning and forecasting steps, and measures actual results. The following three methods are used to solve the problems of fashion industry: Simulation me ...
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