OPERATIONS RESEARCH: THE SCIENCE OF BETTER. OPERATIONS RESEARCH (ALSO KNOWN AS MANAGEMENT SCIENCE ) THE APPLICATION OF SCIENTIFIC METHODS, TECHNIQUES AND TOOLS TO PROBLEMS INVOLVING THE OPERATIONS OF A SYSTEM SO AS TO PROVIDE THOSE IN CONTROL OF THE SYSTEM WITH OPTIMUM SOLUTIONS TO PROBLEMS. Operations Research is the discipline of applying advanced analytical methods to help make better decisions. By using techniques such as mathematical modelling to analyze complex situations, operations research gives executives the power to make more effective decisions and build more productive systems based on: • More complete data • Consideration of all available options • Careful predictions of outcomes and estimates of risk • The latest decision tools and techniques ** Industrial engineering takes more of an engineering point of view, and industrial engineers typically consider OR techniques to be a major part of their tool set. OPERATIONS RESEARCH: BETTER DECISION MAKING. WHY OPERATIONS RESEARCH NEEDED? UNIQUELY POWERFUL APPROACH TO DECISION MAKING IN A COMPLEX WORLD •You face complex decisions •You’re having problems with processes. •You’re troubled by risk. •Your organization is not making the most of its data.•You need to beat stiff competition. OR CONSISTENTLY DELIVERS SIGNIFICANT VALUE – STRATEGIC TO TACTICAL, TOP-LINE TO BOTTOM-LINE – TO THE ORGANIZATIONS AND EXECUTIVES WHO USE IT. A FEW EXAMPLES: 1 SEARS USED O.R. TO CREATE A VEHICLE ROUTI ...
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