What is operations research?
Operations Research is concerned with the process of
decision making for the purpose of optimal resource
allocation. The spectrum of related activities includes
- basic research in optimization theory,
- development of deterministic and
stochastic mathematical models as aids for decision making, and
- application of these models to real world problems.
The principal steps in this type of mathematical modeling consist of
-
analyzing relationships that determine the probable future
consequences of decision choices and
-
devising appropriate measures of
effectiveness in order to evaluate the relative merits of alternative
actions.
During the past forty years, operations research has developed as a
mathematical science whose methods of analysis are regularly employed in many
diverse industries and govenmental agencies.
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