UNIT 4: Queuing Models Simulation is often used in the analysis of queuing models. A simple but typical queuing model: Queuing models provide the analyst with a powerful tool for designing and ...
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OPERATION RESEARCH
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Descripción: OPERATION RESEARCH
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project report prepared to be submitted in partial fulfillment of BBA course from GGSIPU
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Introduction – Meaning of Research ; Objectives of Research; Types of Research; Research Process; Research Problem formulation.
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Operations Research BBA_IV SEMESTER UNIT-I
Introduction Definition • Operations Research also known as quantitative methods provides a quantitative technique or a scientific method to the executives for making better decision for operation under their control. Evaluation of OR
Traces its origin from WORLD WAR –II when Britain used its resources optimally using OR techniques with the help of its experts from various fields.
Characteristics of OR • Based on mathematical model building. • Tries to optimize the total output by maximizing the profit and minimizing the loss(or cost). • O.R draws on techniques from sciences such ,physics, chemistry , mathematics, and economics, etc and applies the appropiate techniques from each field to the system being studied. • O.R emphasis on the overall approach to the system.
Phases of OR • Judgement phase. • Research phase. • Action phase
Advantages of OR Models • Provides a logical , scientific, and systematic approach to the problem. • Models help in finding avenues for new research and improvement in the system. • Provides economic description and explanation of the operations of the system they represent. • They indicate limitation and scope of the study.
Drawbacks of OR models • Models are only an attempt in understanding operation and should never be considered as absolute in any sense. • Validity of any model with regard to corresponding operation can only be verified by carrying the experiment and relevant data characteristics. • Construction of models require services of subject experts.
Methodology of OR • Formulation and definition of the problem:-
First the problem under consideration is properly formulated and defined in clear cut terms as to what problems are faced by the management which has to be resolved. Proper definition of the problem is important to achieve the optimal solution. • Construction of the model :- second step is to make mathematical models that show
The relation and interrelationship between an action and reaction.The model also enables to forecast the effect of the factors crucial to the solution of the problem. • Solution of the model. The next step is to get solutions for the models or to determine the value of the decision variables that optimizes the given objective function . • Testing the model. :- since the model are only a partial and simplified representation of reality ,the results are to
Tested against the real world experience in order to estatblish the model’s credibility. • Establishing control over the solution. Once the solution are acceptable controls are incorporated into the model so that the mathematical model is adaptable to the changing environment. • Implementation of the results. This is the last step of O.R .The model obtained is put into practice . After the solution is
Implemented the responses or feedbacks are taken of the solution so that necessary changes can be made.
Application and scope of OR • Finance,budgeting and investment. • Purchasing,procurement and exploration. • Production management. • Marketing management. • Personnel mamanement. • Research and development.
Role of OR in Managerial decision making Decision making is the key responsibility of any manager under intense competition than ever before .Therefore the need for effective decision making becomes more important. A useful decision requires a rigorous and scientific approach to the problem.Now since O.R uses scientific approach to take decisions its role is very important in managerial decision making.Mathematical and logical means of
operations research provides the executives with quantitaive basis for decision making ,and enhance ability to take long range plans. The advantages of OR from point of view of business and management may be classified as follows: • Better control. • Better coordination. • Better decisions. • Better system
Overview of OR Models in practise • Allocation model:- whenever there are a no. of activities to be performed and alternative ways of doing those activities ,and limited resources for performing those activities there is an allocation model to achieve these. • Assignment model:- the assignment model is used to assign no. of jobs to the same no. of men(resources).
• Decision model. :- decision model are used to do decision making under conditions of certainity,risk and uncertainity. • Inventory control model:- inventory model helps manager to decide reordering time ,reordering level and optimal ordering quantity. • Queing model:- helps in solving problems related to traffic congestion ,service machines subject to breakdown ,determining the level of service force,air
Traffic schedule ,etc. • Replacement model. :-it helps in taking decision related to machines replacement because of detoriation. • Sequencing model. :-helps in determining optimal sequence to perform various jobs. • Network models. :-helps in planning ,scheduling and monitoring large projects . • Game theory. :- helps in taking decision in competitive situations.
