My Subject : Operational Research
Operations Research
Operations Research , a new science,popularly called as O.R.,was developed in 1940's during the world war II , when the military management involved scientists from various streams to help them find strategies to improvise their military projects. Operations Research is the scientific , statistical and logical approach to problem solving. It involves MATHEMATICAL MODELS to solve the complex decision problems in order to choose the best or optimum option among many.
Brief Overview
A Mathematical model is one in which a mathematical equation representing a real system is shown using constants and variables. These models are abstract and precise. They can be classified as :
- Deterministic Models
are models in which its parameters and the relationship among them is known with certainity.
- Probabilistic Models
or stochastic models are models in which one or more parameter is not known with certainty.
Applications of O.R.
- Production
- Forecasting
- Advertising Media(Marketing)
- Finance
- Warehousing
- Assignment
- Reliability
- Project Management
- Logistics
Reliability
The term Reliability is a symbol of quality as perceived by the user. For a car, reliability is seen as its failure-free operation, for a software program , reliability is seen as its error-free execution and so on. Defined by many authors,reliability of a system is
the probability of failure-free operation of the system for a
given time-period under the conditions of intended use.
