concept of financial_research

May 28th, 2015
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Aberystwyth University
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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.

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OPERATIONS RESEARCH:THE SCIENCE OFBETTER.OPERATIONS RESEARCH (ALSO KNOWN AS MANAGEMENT SCIENCE ) THE APPLICATIONOF SCIENTIFIC METHODS, TECHNIQUES AND TOOLS TO PROBLEMS INVOLVING THEOPERATIONS OF A SYSTEM SO AS TO PROVIDE THOSE IN CONTROL OF THE SYSTEM WITHOPTIMUM SOLUTIONS TO PROBLEMS.Operations Research is the discipline of applying advanced analytical methods to helpmake better decisions.By using techniques such as mathematical modelling to analyze complex situations, operationsresearch gives executives the power to make more effective decisions and build more productivesystems 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 majorpart of their tool set.OPERATIONS RESEARCH:BETTER DECISIONMAKING.WHY OPERATIONS RESEARCH NEEDED?UNIQUELY POWERFUL APPROACH TO DECISION MAKING IN ACOMPLEX WORLDYou face complex decisionsYoure having problems with processes.Youre troubled by risk.Your organization is not making the most of itsdata.You need to beat stiffcompetition.OR CONSISTENTLY DELIVERS SIGNIFICANT VALUE STRATEGIC TO TACTICAL, TOP-LINE TO BOTTOM-LINE TOTHE ORGANIZATIONS AND EXECUTIVES WHO USE IT.A FEW EXAMPLES:1 SEARS USED O.R. TO CREATE A VEHICLE ROUTI

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